With the rupee at Rs 54.30 to the dollar right now, a drop to Rs 60 should give the system enough of a shock to start responding to the crisis. A further drop can be contemplated depending on how the economy responds.

Remember, in 1991, it took two devaluations of the rupee to wake the system up and respond to the challenge of the external crisis. Read More

Donate to IndiaSpend

Support IndiaSpend’s award-winning investigative journalism.

Your tax-deductible contribution to IndiaSpend will help us, and other publications around the country, reveal critical stories that otherwise wouldn’t be told - stories that make a difference!