Sir,
The recent depreciation of the rupee against the US dollar highlights a growing concern for Indian workers. The rupee’s steady decline, coupled with rising inflation, is increasing the cost of essential imports like oil, which exacerbates inflationary pressures across the economy. Despite the government’s attempts to stabilize the currency, the fundamental cause of this depreciation remains the preference of the Indian elite to hold wealth in dollars, thus draining resources from the local economy.
The broader impact of global protectionism, particularly from the US, is worsening the situation. The strengthening of the US dollar, driven by protectionist measures, is inflating global commodity prices, further reducing the purchasing power of workers in India. Additionally, the rise in external debt, especially for countries like India, will lead to greater economic strain. The Government must address these issues urgently to protect workers from falling living standards.
Vikram Singh
Udhampur
Trending Now
E-Paper
Follow our WhatsApp channel