Dear Sir,
The recent decline of the rupee against the US dollar has raised significant concerns for the workforce in India. The rupee’s consistent drop, along with escalating inflation, is driving up the costs of essential imports such as oil, which in turn amplifies inflationary strains throughout the economy. In spite of the government’s efforts to stabilize the currency, the root cause of this depreciation is largely due to the elite’s tendency to retain their wealth in dollars, consequently siphoning resources away from the domestic economy.
Moreover, the influence of global protectionism, especially from the United States, exacerbates these challenges. The appreciating US dollar, spurred by such protectionist policies, inflates global commodity prices which further reduces the purchasing power of Indian workers. Additionally, the increasing external debt, particularly for nations like India, will lead to mounting economic pressures. It is imperative that the government addresses these issues promptly to safeguard workers from diminishing living standards.
Sincerely,
Vikram Singh
Udhampur
