Rupee

Newsmaker: Rupee

Meghna Maiti

In the last three months, rupee’s depreciation has grown to the point where the Indian currency seems like a dark, sinister force like a muddled-up mind in a sound body. “Muddled-up” implies people following a path that appears like a wide boulevard strewn with silver roses – a sort of future mainly driven by illusion- the way volatility of rupee has become in the lives of common people. Perhaps even more so, the rupee has come to seem like a potent, disruptive force, a confusing phenomena; rupee fall is to the common man what greed is to nature. When common men say they have been hit hard by the rupee fall- they are at this point indicating not just a temporary phenomena but an entire way of being in an increasingly uncertain world: a fear for unmet basic needs; fear for unmet not-so-basic desires; fear for man-made disasters and to top it all- fear for survival- the quest for the ever-growing doubts- how to survive and at what cost.

Our beloved national symbol is plumbing new lows in an economy heavily dependent on imports for the goods Indians can't do without namely gold and petroleum products such as petrol, diesel, kerosene and gas. The rupee has depreciated nearly 12 per cent since the beginning of the fiscal year in April 2013 and reached an all-time low of 60.73 against the US dollar on June 26, 2013. Between April 2011 and April 2013, the rupee lost nearly one-third of its value versus the US dollar. It is the biggest loser apparently among currencies worldwide. While its making overseas travel expensive, it is increasing costs for students studying overseas and making those working abroad unsure as to whether they should send money to India now or wait for further depreciation. It has also been increasing costs of fast moving consumer goods such as soaps, detergents, deodorants and shampoos, of which crude oil is a component.

The depreciation of rupee has had an impact on the automobile sector. While the input costs of imported components have risen, the companies have to pay high royalty to the parent firms. Similarly, electronic consumer goods such as mobile phones, computers, and television have become costlier. Food chains are also facing an impact on their profitability.

However, even in the wake of such crisis as rupee continues to slide against dollar, it has found a way to keep its name, meaning something remarkably unique and pure. It has sort of retained a tightly controlled, evocative sense of magic and mystery over its image with the power over humankind to hypnotize, agitate and liberate. Industry experts say the majority of the people do not blame rupee or its usage for its problem. They blame others- including the dollar on a horse ride, recession in the euro zone, bleak fundamental outlook, no balance at balance of payments.

Finally, the value of a currency is the proof of the efficiency and reliability of the government that issued it. To quote John Maynard Keynes- “"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method, they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.”

meghnamaiti@mydigitalfc.com

ENDS

I am the Self

Down when the shadows of doubt cloud my sulky being, I look at the infinity pool thinking it’s the Arabian ocean. It is at that very moment truth reveals itself in surrogacy and life itself seems on precipice. I try to realise my innermost feelings and my earthly presence. I realise I am a part of my physical self, the solid, well-defined presence that can be neglected but not denied. This part of my being becomes like a ship to sail through the material world; as a temple to house a greater truth lurking within.

Body is a part of existence endowed with ego, whereas sub-conscious and super-conscious minds are dreams, knowledge. The body is all-seeking matrix of beta cells producing insulin, making us bittersweet. 

My physical realm is like a super-sensitive presence, much like the moon — full of vitality and life-force energy. The body in itself can make heaven of hell, hell of heaven. It often symbolises a rhythmic, familiar litany of expressive appearances. It seems to represent the psycho-emotional cadence of generations. It has strong emotional attachment to my parents, ancestors, power of movement and Martian energy. It seeks constant movement, physical vitality and a unique identity.

And yet when I peer deeper into the truth, I realise that there is a greater person at the core. I understand that part of me is beyond time, space and objects. It is intangible, infinite and giver of absolute happiness. It does not know any sorrow. It is as knowledgeable as god and all pervading. Only when I can connect with this greater presence I feel most alive. In claiming ownership of my free soul, I live my truth. The greatest tragedy in life is rejection of this grand person within us.

So I have realised — I may not be anybody. I may not even be successful when measured by human yardsticks. I may be a recluse, a fool and a ideal dreamer. But I am much more than all that. I am the Self.

Meghna Maiti

Destiny

We are all but a bunch of individual stars in the world. Dazzling, cerebral and lyrical, almost like god. And yet all those twinkling things are demonic. They want us to be part of their enchanted magic circle, imprison there, till we rise. Their magic wands strike our heads again and again till we succumb and fall. I don’t want my nights to be spent with them.

They are said to be strong and profound. They are steeped with tales of folklore and myths. You see the Regulus-like star, the hand of Kalpurush and yet again some vague and mysterious constellation. They know how to craft tales of heartbreak and despair that the entire human clan suffer from. They even know whom to bestow their kind glance and whom to ruin. We are puppets in their hands and the world calls them ‘destiny’.

I would admit I have dabbled in their secret mystery and I know a thing or two about them. I know their secret ways to control lives of people and their skills at creating illusions. I can see destiny on the faces of those hopeless souls and those hapless wanderers. Yet I don’t want to buy their projected reality. I want to soar higher and higher into that speck of ideal reality crafted by me, and me alone. 

They have won the hearts of many a man. They are worshiped by many. They have managed to win over that aspect of human mind called ‘hope’.

In the meantime, the world has been shaken by nuclear war and cross-border terrorism. Yet they know they have that abstract appeal. Their stories have regaled human folks for ages and they would continue to be the same. In their reality, they handle the world like a pack of cards, which rises and collapses at their will. Hence, the process of creation and destruction continues.

Their stories are much told. Yet I am still not charmed by their enigmatic power. I won’t buy their stories. I will write my own story.

Meghna Maiti