Rupee devaluation hits ability to buy goods, services, petrol, diesel
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As the value of the Indian rupee against the U.S. dollar touched a record low at ₹80 per $1, an online survey suggests most respondents believe rupee devaluation will adversely impact their purchasing power.
As many as 76% of the respondents to a survey conducted by community social media platform LocalCircles express concern that they and their families will be able to afford less in the coming years as higher import costs will get reflected in the products they buy, the survey results say. The products include petrol and diesel to consumer goods and services and even overseas education.
Responding to the next question “what are all the areas you are concerned” about the impact of the weakening rupee, 52% of the participants in the survey point to rising costs of petrol, diesel and LPG, used as cooking fuel in most households. An equal percentage of respondents feared that a weakening rupee would adversely impact them and their families as food, medicines and overall healthcare costs go up.
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When it comes to discretionary spending on products like mobile phones, laptops, fashion accessories and apparel, 39% of respondents feared an impact on future purchases. Foreign travel is another area where 44% felt the weakening rupee against the USD would impact them and their families. The higher cost of education overseas for their children and grandchildren is a matter of worry for 24% of respondents. Higher imported input costs, together with rising transportation costs, are expected to be reflected in product and service costs feared by 30% of the respondents.
For 1 in 2 Indians surveyed, the weakening of the rupee against the dollar from 38 to 80 in the last 15 years is a reflection that in relative terms, the Indian economy has performed poorly, the survey points out.
The survey received over 34,000 responses from citizens located in over 328 districts of the country, of which 65% of respondents were men while 35% respondents were women; 43% of respondents were from tier 1; 34% from tier 2 and 23% respondents were from tier 3, 4 and rural districts.
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