ET Now: Rising crude and weakening currency cannot be good news for India. Is India running out of options or is there no other way but to bear the pain?
India has pursued poor economic policies and one cannot really accuse
the Reserve Bank of India. The entire political elite has mismanaged the
Indian economy for the last 50 years. You cannot solve a crisis that is
borne as a symptom of mismanagement in just five minutes or in a week.
It will involve significant sacrifices and pain and I doubt that in
India there is the political will to face the music.
When I went
to India for the first time in 1973, one US dollar was about Rs 7 and
now it is close to 70. The oil price increase has happened in the world,
but of course it is magnified in India by the currency weakness. - in ET Now
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.