Swadeshi search for rupee: SJM to hold conference on true value of currency

Illustration: Binay Sinha
Swadeshi search for rupee value

Not just from the Opposition, there is pressure from within the Sangh Parivar on the Narendra Modi government to address the continuous fall of the rupee. The Swadeshi Jagran Manch (SJM), an economic think tank affiliated to the Rashtriya Swayamsevak Sangh, is organising a conference on the “true value of the rupee” on October 13. The outfit's co-convener Ashwani Mahajan said the Manch was “extremely concerned” at the fall of the rupee and has invited economists, including members of the Prime Minister's Economic Advisory Council, to the conference. He said the Reserve Bank of India (RBI) needed to play a more active role in arresting the slide of the rupee. “It is wrong to say the rupee is overvalued, it is not at all overvalued. On the contrary, such statements from important voices in the government affects the sentiment in the market,” Mahajan said. Chartered Accountant Swaminathan Gurumurthy, who has been associated with the SJM, is a non-official director on the RBI board.

Dealing with discounts

The annual festive sales on e-commerce portals kicked off from October 10 with each player trying to outdo the other in share of voice. While the jury is still out on which platform had the best offers, some said e-tailers would find it difficult to better the “sale” on the bourses — read the sharp correction in the stock market. “Looked at the Amazon sale and the stock market sale. Better value in stock market sale. This festival, give Amazon and others a miss. Buy stocks and gift stocks,” said an investment expert in a tweet.

Fruits with Shukla

Politicians have a knack of making the most of every opportunity to reach out to their constituents. But it is rare for bureaucrats and journalists in Lutyens Delhi to get invited to a puja. Minister of State for Finance Shiv Pratap Shukla has invited his supporters, many bureaucrats and journalists today for a puja to mark the first day of the Navratri. Many Bharatiya Janata Party politicians, including Prime Minister Narendra Modi, are known to fast all the nine days of Navratri. Some make an exception and have fruits only during this period. Shukla has invited his guests to have fruits and prasad with him and listen to a Sunderkand paath from the Ramayana.

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