Answer by Jai Parimi:
I appreciate your concern for the nation and its growth. 🙂
- Unfortunately, using Indian products instead of foreign products is not a permanent solution for increasing rupee value.
- The world has been glocalized, It is very difficult to identify and distinguish products which are Indian.
- For ex., Flipkart (If it Indian or Foreign?) Yes, it is absolutely Indian but, registered in Singapore paying/saving taxes in Singapore. Finally, it is filling Indians pockets again. 🙂
What's the solution? Can't we do anything about ₹?
Yes, we can. Luckily, we have a permanent solution which demands you to pay utmost attention.
- To increase the value of rupee, we should work more efficiently and more harder. That's called smart working.
- By working smarter, we will be able to increase our contribution to the nation's GDP.
- Imagine what would happen if each person in India created just $1 (₹60) extra product every month at work. i.e., an added $15 bn per year to our GDP.
- $15 bn per year is about 0.8% of India's GDP at a time when India is growing at 5% annually. So, India will grow at 5.8% instead of 5% and this is a good thing. 🙂
Side effects of increased productivity in the country:
Apart from a stronger rupee,
- More production of everything in the country for consuming in the country.
- Increased production will increase supply. from supply-demand law, that should logically reduce prices. So, decreased inflation rate.
- Increased quality of products in the country as compared to foreign products. This results in increased quality of life for normal citizens.
- Need more? Have more? suggest in comments below. 😛
A mythbuster about rupee value
- Currency value of a country doesn't signify it's richness or poorness. This has been discussed with illustrative examples at
- Gradual strengthening of rupee is favoured by economists as it's impact can be absorbed without much shock into the economy. On the contrary, economists hate drastic strengthening of a rupee.
- Read the shorter version of the impacts of. Also suggest you to read the long version of the impacts of .
- So, Currency value is an important factor but we should also remember that it is a relative term i.e., always compared against some other country. So, it also depends on other countries performance.
- In the practical world out there, Not all students have equal opportunities. Similarly, Not every country's currency has all the advantages or disadvantages which play a vital role in their relative performance. Problems with relative grading. This is the reason people hate exams. Ain't it? 😛
Still want to stop buying things instead of start working?
- There's absolutely nothing wrong but, remember the effects are temporary. Government (If it desires) can in anyway stop you from buying particular things by heavily taxing them. So, leave the stop buying things worry to the experts in government and utilize your time in enjoying a quality life. 🙂