How Can A Depreciated Rupee Change The Culture Of The Country?

The recent depreciation of the Indian Rupee will remain so for some time now. This devaluation will definitely have overwhelming effects on the culture of our country, some obvious and some not so evident. The expected outcome is:

a. There will be a boost in local tourism as the globe-trotting Indians (mostly Gujjus) will travel domestic due to the burgeoning expenses incurred on foreign travel now. Also foreigners will visit India more than before as it will be more affordable for them. 

b. There will be an increase in the number of unemployed youth as college education will not be able to cater to so many aspirants who have to give up their dream of foreign education due to the higher cost and opt for Indian education.

c. The substantial step that our country can take to stem the fall of the rupee is to increase the limits of the FDI. This would lead to an increase in foreign influence. 

d. I wouldn’t say that we will become more westernised, but definitely there will be the influence of any society that has loads of foreign exchange. These countries would most likely be middle-eastern ones due to oil production or Chinese for their manufacturing potential or US due to its patents. 

e. I can predict that there will be a confluence of cultures of all these foreign countries and they will try to replicate the ‘best practices’ of their country in India. 

f. One classic example of this culture change is reflected in the way in which the fast food giants like McDonalds, Dominos, Coke and Pepsi have changed the total Indian attitude to food and beverage. Fast food and quick service have become a rage with young India. Subway alone has 376 stores in 73 cities in India. No Indian company can claim such pan India presence.  

g. Indian Railways is among one of the major contributions of the British Raj. We can expect similar foreign influx to bring in benefits for our country. 

h. One more environment friendly effort, albeit forced, will be using less fuel due to the increasing price. We can expect more people to use car pools and public transport which will be a good turn for saving our country’s resources.  

i. BPO jobs will be back in fashion. It has lost its lustre in the last 5 years due to a strong domestic economy. Collegians would take pride in earning valuable foreign exchange for India. 

j. Imported cars will be prohibitive not only to own but also to maintain. So people who have already bought a high end imported car will selectively use them and may be sell them off.