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The statement raging implicit whether oregon not the rupee should beryllium bolstered by the Reserve Bank of India (RBI) gained different perspective, with the Swadeshi Jagaran Manch (SJM) weighing in. The economical helping of the Rashtriya Swayamsewak Sangh (RSS) said connected Friday (May 22, 2026) that the Indian currency should beryllium supported, and not allowed to deed the ₹100 per dollar mark.
On Thursday (May 22, 2026), Arvind Panagariya, the chairperson of the 16th Finance Commission and erstwhile main of the Niti Aayog, had posted connected X, saying that the RBI should let the rupee to descent adjacent implicit ₹100 per dollar. That fig “was conscionable a number”, helium said.
Ashwani Mahajan, the co-convenor of the SJM, however, holds a antithetic view. Replying to Mr. Panagariya’s X post, Mr. Mahajan said that the further depreciation of the rupee would deed India’s lasting successful the satellite and its presumption successful the planetary GDP rankings. Indian manufacture indispensable beryllium protected done different means, helium added.
A fewer days backmost I wrote an nonfiction successful which I had stated that determination is simply a acceptable of radical for whom, speech complaint is simply a number, and we should not fuss if rupee has a escaped fall. Then I stated that this fig impacts inflation, overseas speech outflow connected relationship of debt… https://t.co/H97Jsp7HwM
— ASHWANI MAHAJAN (@ashwani_mahajan) May 21, 2026Domestic manufacture needs protection’
“For the structural weakness of the rupee, bandaid solutions volition not work. Aatmanirbharta [self sufficiency] is the reply to this,” helium said. “We request to support our industry, not due to the fact that they are inefficient, but due to the fact that foreigners (China), are dumping their products, due to the fact that determination is simply a higher outgo successful our state due to the fact that of energy costs being precocious successful India compared to competitors. There are assorted cesses and logistic costs that are higher implicit which our home manufacture has nary control. People who person been sitting astatine the apical argumentation making offices bash not recognize this elemental logic and person been issuing a decease warrant to our manufacture for being inefficient,” helium said.
The import of overseas goods that straight impacts the existent relationship deficit, Mr. Mahajan reasoned, is not conscionable due to the fact that of home manufacture being inefficient but due to the fact that countries similar China tin nutrient cheaper goods. Any import substitution volition person to relationship for structural issues wrong the state for the home industry, helium said, adding that, therefore, the devaluation of the currency is not the lone mode to assistance exports and consequently dollar inflows.
For galore successful the Sangh Parivar, the spot of the rupee against the dollar is besides a intelligence issue, with the BJP having campaigned connected the contented before. The logic of currency devaluation seems to person washed up against the governmental sentiment of the ₹100 per dollar fig and what it means for perceptions astir the economy.
