The war has led to an LPG crisis and disrupted international travel to the Middle East or via that route. Unfortunately, the government seems to be in denial about the LPG crisis, and I am not surprised that the mainstream media is not covering the issue.
The government is also in denial about the depreciation of our currency. We were given the impression that our country is the fourth-largest economy. However, we know that domestic consumption is a primary driver behind India's rapid rise to become the world's fourth-largest economy. At the same time, individuals use loans to finance personal goods and services, directly fuelling consumerism. These include auto, home, credit card, and personal loans. The concerning part is that the Minister of State for Finance, Pankaj Chaudhary, recently informed that banks have written off loans worth Rs 9.75 lakh crore in the last 11 financial years. I am not an expert in economics, but it is easy to understand that all of the above factors are correlated. We have had similar situations in the past, and the then finance ministers seemed capable. I hope the rupee value doesn't deteriorate further as I witness the current government in denial, the mainstream media not asking questions, and there is no transparency about anyone working on it. Rupee depreciation will certainly impact us.
