The involuntary devaluation of our national currency has left us all gasping. It is literally 66 rupees a dollar in 66th year of the Republic — we hear that both the currencies were at par in 1947.
There was a time, as heard from elders, when one could buy 10 ser of rice for a rupee or a ser or two of ghee for the same value of money. That was in the very good old days. Alas, good times do not last long! However, even in our times, when our salary started at Rs 2,200 a month, we could plan the household budget, albeit with some difficulty though, and lead a reasonably decent existence, with ghee, paneer, good quality rice and meat at Rs 20 a kg each, edible oil still cheaper and whole bread for three rupees. So money had some value to sustain a middle class family. The spiralling prices on the one hand and falling value of money has put the poor and the middle classes in a very tight spot. It is becoming increasingly difficult to live with dignity in such a scenario.
Most of us went to colleges and universities where so-called tuition fees were peanuts. The quarterly charges ranged from Rs 100 to Rs 200 with some annual charges of Rs 300-Rs 400 and a mess bill of less than Rs 200. Even schools, though costlier than the colleges then, demanded pathetically low fees compared to what parents pay today for their wards. The contrast in 20-25 years is most glaring. The higher institutions of learning as also the fancy schools charge whopping sum today — perhaps one could solemnise a marriage in the past for the amount that one has to pay today as fees for a year in any of these institutions. Thus the education bill of a family is daunting, makes a deep hole in the pocket and perhaps constitutes the major segment of the monthly family expenditure.
The civil hospitals and family doctors provided the cheaper medical facility almost at the doorstep. Now the medical bill has become a huge drain for an average household at the hands of specialists and five star hospitals. While most cannot afford the rising cost of hospitalisation, medicine and various procedures, many actually slip into poverty owing to their families’ medical bills.
With the falling value of rupee, transportation and travelling has become very costly now. While metros have their own special problems, even small towns and rural areas — leaving aside the issue of efficiency and safety — are not easy to traverse. Public transport being few and far between, dependence on private transportation being the other option is simply beyond reach of most people. The concept of cheap air travel with no frills, which did well initially has also more or less fallen through and they are no longer attractive for families with modest means.
Having a house of one’s own is perhaps the ultimate dream of a human being. That legitimate expectation is turning a nightmare with the crash of rupee. This sector is otherwise also largely looked upon by many to be in the hands of unscrupulous and greedy realtors who are out to fleece the credulous buyers. The cost of land is now simply out of reach for most people even in the smaller towns. Coupled with the rising cost of building materials, constructing a house is a dream gone awry. The procurement of a flat or apartment that seemed a slightly better option, being a bit less costly and easy availability of home loan is also tough now with the falling rupee and increasing EMI.
Rupee today fetches very little ready food outside home. While onion is now a dollar a kg and all fruits beyond reach, home food is still sustainable. But going out to hotels or restaurants makes a deep hole in your pocket because rupee can buy very little. The free fall of rupee has eroded its value so much that a family of four will be poorer by Rs 1,000 to Rs 2,000 for taking one meal in an ordinary restaurant. A cinema ticket that cost Rs 5 in the 80s, today cost in any multiplex above Rs 200 and so on. How many families can afford weekly outings to entertainment places, eating jointsIJ
The fall of rupee has also caused severe stress to our womenfolk. Imagine their plight when they want to buy gold and find that they have to pay a few thousand more for every gram for their time-tested emotional and financial investment. The falling rupee has dashed their hopes like nothing before. It has also eroded the savings of average households that provide some anchor for the rainy day.
These are some of the travails of ordinary common men and women as distinct and additional to the economic and monetary crisis that the country is facing today on a large scale. It is not easy to assess as to what will be the recovery route and how early or late will it change our life for the better.