After the Indian rupee plunged to record low on Tuesday, breaching the 70-mark against US Dollar, top industrialist Anand Mahindra called for improving India’s export competitiveness, and said that it’s an opportunity to ‘Make in India’. “Instead of bemoaning its fall, should we view this as the ‘Make in India Moment?’
With this boost to India’s export competitiveness could we now convince global companies that it’s time to switch to India for world-scale,export-focused manufacturing?” Anand Mahindra tweeted.
Interestingly, following the rupee plunge, while it will provide a fillip to export-related industries, expert say that the rate of pick is likely to be slow. “We hope this depreciation helps address the India’s CAD (Current Account Deficit). However, that will not happen overnight, as exports and imports take time to respond to new levels of the rupee. However, we can bank on the RBI which still has $400 billion in reserves,” Anant Narayan, Professor, SPJIMR told CNBC TV18.