Entrepreneur Warns of Rupee Decline to Rs 150 Against Dollar Without Domestic Reforms
‘Log ab thali nahi bajayenge’: Entrepreneur says austerity measures won’t work in long run, warns rupee may crash to Rs 150 against dollar
Image: The Economic Times
Jayant Mundhra, founder of Biz News+, warns that India's rupee may weaken to Rs 150 against the US dollar if the country does not reduce its import dependence. He emphasizes the need for domestic manufacturing and innovation to strengthen the economy, criticizing current austerity measures as unsustainable.
- 01Mundhra predicts that the rupee could touch Rs 150 per dollar if India continues its current import-heavy economic model.
- 02India's energy import dependence has risen from 83% to nearly 89%, potentially reaching 95% without reforms.
- 03Mundhra criticizes the celebration of foreign tech companies while India lacks strong indigenous alternatives.
- 04He highlights successful industrial policies in states like Gujarat and Tamil Nadu as models for boosting domestic manufacturing.
- 05Mundhra calls for aggressive investment in exploration, mining, and manufacturing to safeguard the rupee and enhance economic power.
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Jayant Mundhra, an entrepreneur and founder of Biz News+, has issued a grave warning regarding India's economic trajectory, suggesting that the Indian rupee could depreciate to Rs 150 against the US dollar if the nation fails to curtail its reliance on imports and foreign technologies. In a podcast with Raj Shamani, Mundhra noted that India is evolving into a 'consumer economy' rather than fostering domestic manufacturing and innovation. He criticized the current austerity measures as impractical, stating that the public is now questioning economic policies unlike during the COVID-19 pandemic when people showed solidarity by banging metal plates. Mundhra pointed out that India's energy import dependence has surged from 83% to nearly 89%, warning that it could escalate to 95% if proactive measures are not implemented. He underscored the importance of building indigenous alternatives to foreign technologies, as significant funds continue to exit India for global tech services. Drawing comparisons with countries like China and Vietnam, he praised states such as Gujarat and Tamil Nadu for their effective industrial policies and urged India to invest more in exploration, mining, and manufacturing to protect its currency and enhance its global economic standing.
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If the rupee depreciates significantly, it could lead to increased costs for imports, affecting consumers and businesses reliant on foreign goods and services.
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