If you are offering services to a foreign agency, for
instance, if you are working as a freelancer, then you are likely to benefit
from the latest development. There has been a rapid rise in dollar valuation,
which means that any money received in dollars is bound to increase your rupee
value.
Image credit: mnsanthoshkumar / 123RF Stock Photo
On one, hand, where there is a lot of talk of rupee value collapse making things miserable for importers, there are unquestionably few pluses. However, the greatest concern is the import section, which means there is every likely hood that the price of gasoline will rise, and it will also lead to more price increase on several fronts.
At a time when the country is already reeling under the rise
of gasoline prices in the aftermath of Iraq war, and the rise since then has
not seemed to stop yet. Any further increase is bound to inflate the prices of several
commodities. We are now close to witness further increase in several key
petroleum products. To name a few, the price of cooking gas is bound to rise if
not then the petrol prices will keep rising, in a way, both, somehow has the
same results economically.
Talk of petroleum products and you will see that one area, which will also see a price increase,
is the plastic based products. Plastics are made out of crude oil, and any increase
in crude oil prices will directly affect the price of plastic based products,
which includes the prices of all those food items packed inside a plastic
vessel.
Benefits of rupee
downfall
However, there are few highly significant areas that have
seen a rapid increase in benefits resulting out of a rupee downfall. One area that is worth mentioning is
freelancing, and secondly, the software service providers in India. In fact,
all those firms that are providing services to US have suddenly started
pocketing a hefty sum. Freelancers, in particular, are feeling bulged pockets,
and though, no one knows, when this will stop, but till the time, the rupee
keeps sliding or remains at this level, there is every chance that service
providers in India will gain a lot.
Travel and studies
have taken a hit
Travelling abroad has undoubtedly taken a hit. Since most of
the travel agents usually keep the measure in US dollars, there has been a precipitous
drop in people travelling abroad, especially to US. Students who wish to study
in US universities will now have to decide, whether to choose a US stop or look
ahead to a more favourable European destination.
Unless steps are taken to stem the drop, there are tough
times ahead. Though, few may pocket hefty money, yet, if you look as a whole,
somehow, you have to spend equally higher, which negates any profit that you
had probably made.
By Rajiv Sighamony.
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