Since independence, the rupee has depreciated almost 20 times: in 1948, 1 dollar was available at 4 rupees and then there was no debt on the country. When the first five-year plan was implemented in 1951, the government started taking loans from abroad and then the value of rupee also started decreasing continuously. The value of rupee depends entirely on its demand and supply, and imports and exports also have a direct effect. India imports more than exports. A country that imports more than it exports has a higher demand for dollars. India is one of the major importers of crude oil and imports about 80 per cent of the oil, undoubtedly the rising crude oil prices in the international market are the main reason for the fall in the value of rupee.
There is a need to free the manufacturing sector from cumbersome rules. Certainly, through such effective steps, the depreciation of the rupee against the dollar can be checked. Also, if we start using indigenous goods, then the cost of importing foreign goods will be saved. India has no time to rest. For India to become a $5 trillion economy by 2025, we need to export at least $2.5 trillion worth of goods and services, as exports currently account for about 25% of the total gross domestic product (GDP).
Since independence, the rupee has depreciated almost 20 times: in 1948, 1 dollar was available at 4 rupees and then there was no debt on the country. When the first five-year plan was implemented in 1951, the government started taking loans from abroad and then the value of rupee also started decreasing continuously. The value of rupee depends entirely on its demand and supply, and imports and exports also have a direct effect. India imports more than exports. A country that imports more than it exports has a higher demand for dollars. India is one of the major importers of crude oil and imports about 80 per cent of the oil, undoubtedly the rising crude oil prices in the international market are the main reason for the fall in the value of rupee.
There is a need to free the manufacturing sector from cumbersome rules. Certainly, through such effective steps, the depreciation of the rupee against the dollar can be checked. Also, if we start using indigenous goods, then the cost of importing foreign goods will be saved. India has no time to rest. For India to become a $5 trillion economy by 2025, we need to export at least $2.5 trillion worth of goods and services, as exports currently account for about 25% of the total gross domestic product (GDP).