By M.C. Linthoingambee
I wonder what my earnings might be by the time I turn sixty. If we keep going at the current pace, there are likeable chances that the value of 1,00,000 INR then would be compared only to a mere 100 INR now. So, I have to promise to myself to work harder and hard enough to achieve that goal towards “THE JOB”. Almost everyone in India knows that our currency is rupees but how many of us are actually aware of its decreasing valuation in the ongoing market economy? I am not an economist to be judging the ladder graph of the rise and decline of the rupee value in the international market. In fact, I am just sharing a part of my individual understanding. It is indeed a black day for all high cost investors, brokers, and various buyers in the stock exchange market and the others not mentioned. The general economy of our country continues to sink in the front lines where it is not being able to attain or go beyond its previously marked value. Rather, it still continues to cause alteration of its previously inclined rupee value and is going on to bring a rapid downfall of the national value in comparison to others in the market economy. While on Monday last, it was reported that the value of rupee a US$ would be 63 INR, the value sunk further pricing the value at 64 INR on Thursday and it dropped even further with a valuation of 65.56 INR on Friday even though efforts are being made to shed light to the overshadowed likeliness. Indeed, it is a fickle economy that may change or grow any day.
Theoretically and practically in today’s world, banknotes in India are issued in the denomination of Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. These notes are called banknotes as they are issued by the Reserve Bank of India (Reserve Bank). The printing of notes in the denominations of Re.1, Rs. 2 and Rs.5 has been discontinued as these denominations have been coinised. However, such banknotes issued earlier can still be found in circulation and these banknotes continue to be legal tender. While the Reserve Bank of India can also issue banknotes in the above or any other denomination that the Central Government may specify, there cannot be banknotes in denominations higher than ten thousand rupees in terms of the current provisions of the Reserve Bank of India of Act, 1934. Coins can be issued up to the denomination of Rs.1000 While Finance Minister P. Chidambaram and Reserve Bank of India’s Governor Designate D. Subbarao had gone on state that steps will be taken to ensure the general public of India not to worry of the declining valuation of the currency as compared to the value of dollars, there is a fine line existing which still fails to cater to the wants of the people. I called up a friend who is doing MBA from IBS Hyderabad to query over main reason for the decline. She had this to say: “Do you know how much we add to our current GDPs? We should all in fact stop buying stuff and stop eating from places like Wallmart, KFC, McDonalds, etc.” And I could simply tell her that I loved KFC. This is perhaps the selfish intuition of not being able to rely on our own domestic products or processes but we also can’t help to acknowledge the idea that goods produced in the US may have a better quality than the one back home. Sometimes we also buy products overlooking their taglines about them being either Made in China, Made in France, etc. This is us. The poor keeps getting poorer and the rich continue to become richer. While on a current formulation of the newly developed 29th state of the country, Telangana some farmers and common workers have also expressed concern that while rich Andhras can afford to send their children to America, the farmers and common workers continues to contend the factor of being forced to return to their original regions, of what will their lives would expect to be when they have to so suddenly change shifts in their work and life overnight. This is also a growing concern in the general allegory.
I am not complaining as I still get a large portion of my allowance through the money sent from home. But students in the learning segment express their aggrieved feelings on placements and how it would turn out. Some expresses their heavy workload and competitions toppled with the downfall in the financial sector as huge disapproving acceptance especially when some parents are complaining on the growing price of onions and more. Where is this road going to lead? We can only hope and count our days and wait for the market to become balanced again and perhaps then we may be able to counter a well planned financial economy and bear praises. But that is still a theoretical concept as a long fiscal deficit often benefits us now and then. Although at the end of the day I am still a kid who intrinsically wishes for her allowances to double per day although that might cause huge depressions in her dad’s wallet.
(M.C. Linthoingambee is an undergraduate pursuing B.Com. LL.B(H). An avid blogger, poet, a seasonal artist and a foodie, she is also a life member to the Indian Society of the Red Cross.)