Indians made poorer by currency depreciation

NEW DELHI, August 29, 2013 (AFP) – Seventeen-year-old Indian student Appu Sharma was going to apply to a US university to study economics but with the rupee on the ropes, he’s set his sights closer to home.

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Jayakrishnan declined to name figures but press reports calculated the three-day wedding he helped design for the daughter of British-based billionaire Pramod Agarwal in 2011 in Venice cost $27 million. “I’ll do my BA here and maybe my postgrad abroad if the rupee improves — my family can’t afford to pay foreign fees now,” the New Delhi Class 12 student told AFP.

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With the currency hovering at record lows of nearly 69 rupees to the dollar and seen heading south, the estimated 300-million-strong middle-class are being forced to rethink many of their plans.

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Holidays abroad are being jettisoned as India grapples with its “new normal” — a weak currency, growth at a decade-low of five percent, stubbornly high consumer price inflation and elevated interest rates that are stifling investment.

“Dollar on an escalator, rupee on a ventilator, nation in the ICU,” reads one Twitter joke that went viral in India, lamenting the nation’s economic trials.
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Subhash Goyal, head of the Indian Association

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