If you are an Indian living in US, you may have already experienced it. Currently, there are only two subjects that are being discussed among Indians – The falling dollar versus the rising rupee and Heroics of Indian Cricket team at the Twenty Twenty World Cup competition.
Last week Dollar fell further against Rupee, a trend that started since early January this year. And it is not only the rupee against which Dollar has weakened, it fell to its lowest level in last 15 years against a basket of six currencies on worries that lower US rates would erode the value of dollar assets.
What does it mean for Indians living abroad?
The weakening of dollar is fast becoming an important reason for Indians to move back to their homeland. Just yesterday, I was with bunch of my friends in my apartment complex and the discussion as expected was around the Rupee and cricket. Everyone universally accepted that Dollar is going to keep going south and in near future we may see Dollar nearing 30 rupees.
At the same time, salaries in India are touching the skies. With those kind of salaries, and strengthening Rupee, is it better to move back to India ?
This is the dilemma that majority of Indians have right now.
The other subject however, was more animated and upbeat. The heroics of Yuvraj Singh and Indian team against England and Australia was being discussed with excitement.
Will Rupee touch 30 against dollar in near future and will India win the first twenty 20 tournament are the two questions every Indian needs an answer. The latter question will be answered in a day, but the former will be discussed for a long time.
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Author: Arun Prabhudesai
Arun Prabhudesai is founder / chief editor at trak.in. He jumped the Entrepreneurship bandwagon in early 2008 after a long 13 year stint in I.T Industry. You can follow him on twitter @trakin or get in touch with him at admin-at-trak-dot-in or 91.9822575676.Related posts:
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The overall value of rupee going up is good news for India,and the in the long run,it will only prove beneficial.But,as far as the salaries of Indians getting up are concerned,most of the high salaries are paid in MNCs in which most of them come from US.So,it may bring down the salaries of India…But,this is only a short-term effect.The money in US sems flowing towards Asia-Pacific region,especially India and China.
Guess,the 21st century belongs to the Asians,the way 20th belonged to US,19th to the British!
As far as the second part is concerned,Lady Luck sure had her blessings in the Australia match,and the Ind-Pak World Cup Final is a dream come true for many cricket fans.Hope,we continue winning there :)
Anyways,since your blog started in May,I’ve been quite a regular reader and I found it very interesting,and quite general in nature.Not very heavy language,a simple one meant for everyone!!Kudos! :)
Ameya,
Glad to know that you have been a regular reader since May. Yes, Trakin is predominantly a Business Blog, but I try to keep it simple and generic for this reason.
You have put it perfectly.
I do agree about the luck part…otherwise 30 in 3 overs was walk in the park for Australians…
Fingers crossed for Monday finals :)
By the way…Dollar going down will certainly have a huge impact on overall economy of the world and Indian economy as well…
So, its not only about Indians in US…
Even salary rises in Indian IT sector would be very low henceforth…
i guess… the dollar may come back at anytime to the normal………..
at the same time…even with the gold rate…..its going high day by day……
Interesting.
On a lighter note, http://www.TheIndiaStreet.com has a funny take on this…
It is the global recession goin on right now, even the european economy has come down, singapore dollar are also coming down, US is a powerfull economy and its impact will be huge for sure.
It’s hard to predict india economy. We are completely depended because of all outsourcing projects. If all engineer will show their enthusiasm all the time then definitely will beat against foreign currency. Initially an engineer work hard and after get promotion or some team member in his group then he is not willing to work as he was doing.
Now see, the dollar is getting appreciate in global market.
I am really not sure how strong is India as an INDEPENDENT economy. How far can it sustain a setback in the US economy? India’s growth in the recent times is attributed tot he IT boom, but where is all the money coming from. It is from the overseas economy. In the current scenario, US is trying to cut down its IT expenditure and there is no doubt that this will impact India. I personally feel that India should grow as an independent and self-sustained econommy which can only be achieved by concentrating more on agricultural and manufacturing sectors. Please correct me if I am wrong!