When I saw today’s news paper (economic times) it was written that Goodbye 2020 and Hello, 1991! – Any lame person will be scared from and think twice what is it all about before reading.
Yes it is bigger shock after touching a record low of 56.38 to a dollar, the value of rupee has been fluctuating in the last few days and on Tuesday it was closed to 55.67. Since early March, the rupee has depreciated by over 10 per cent.
Our honorable prime minister say`s that The sharp fall of rupee is a matter of concern. But I don't think we are anywhere near the 1991 situation. The fall of rupee is taking place against the backdrop of global economic problems and the Euro zone debt crisis.
This is the actual fact that I have collect from economic times - India's current account deficit in 1991 was 3% of GDP, today it is hovering at 4%. Thefiscal deficitin 1991 was almost 8% ofGDPand that was just for the central government. The deficit right now is a tad lower than 6%, better than 1991 but hardly comfortable.
I am not concerned about 1991 crises or what was will be our future in 2020 , we live in 2012 now we are facing problem the Aam Admi now the only petrol prices is has increased and there will be increases of prices of different commodities .
It was said right by the chairman of HDFC DEEPAK PAREKH - this is the wake call for the government …. The latest figures have shaken up for everyone and will shake the confidence of foreign investors too.
It was time when I use to hear from my grandparents that petrol prices were just 10 rs a lter and commodities was for X rupees but its different now.
In future our kids will ask about our countries economics problem and what will say the crises we bearded so now it’s time to think and Act right