The rupee is devalued to such an extent that it becomes unbelievable. As per latest information, Rupee has come down to 68 for a dollar and 106 for pound. Same way with other foreign currencies. It is reported that a such a thing never happened for the last 20 years. The present period is compared to the 1991 situation.
Is this crisis man made, government made? It seems so. Because the Finance Minister is not worried and say there is no need to panic. In fact, it is almost very clear that the government is going to utilise the present crisis to bring further reforms to benefit the corporates and the MNCs. Already proposals are being mooted to hand over land at low price to the corporates, restrict the existing labour laws to suit the requirement of the big business and so on.
The Finanace Minister of India is turning himself in to the Finance Minister of the corporates and big business!