Rupee yesterday hit a 9 year high against the dollar at 40.28 and then closed the day at 40.51. Rupee hit its strongest levels since May 1998 and has been the best performing asian currency this year.
Rupee tested the 40.50 level all of last week before hitting this high. This while alarming for the Indian exporters may help control the inflation and make imported goods a little more affordable for the general public. The effect of this dollar appreciation is very visible in the ornamental gold price in India.
News indicates that TCS, Infosys and Wipro may be making plans to add a currency clause in their contracts to protect against the currency fluctuation.
Business standard published the excerpts of a report by mckinsey on Indian Consumer and it predicts a great future for indian consumers and an explosive growth in indian consumer’s spending..
Now, experts say golden bird will fly again. A report on the Indian consumer market, prepared by the McKinsey Global Institute, points to explosive growth in consumer spending in the next two decades, taking the market to a jaw-dropping Rs 69.5 lakh crore ($1.5 trillion), four times the present size of Rs 16.9 lakh crore.
Mckinsey predicts that by 2025, there will be 9.5 million households with greater than 10 lakhs in income, 128 million households with 2 to 10 laks in income and 93.1 million households with 1 to 2 laks in income. With growth primarily in communication ( 13.4%) , healthcare ( 15.9%) , education ( 11%) , transport (8.3%), personal products (9.2%), housing ( 6%), food (4.5%), apparel (6.5%) etc.
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Technorati : finance, india
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