BENGALURU: Union home minister Amit Shah on Thursday said the recent rupee depreciation against the US dollar was “in large part a global phenomenon” and argued inflation was beyond the control of any nation. He said prices of commodities have not increased only in India but also in other developed countries. “It’s no excuse but it is certainly a global concern,” Shah said.
He acknowledged inflation and price rise are issues being discussed in the country, especially in the aftermath of the pandemic, but pointed out that inflation in the US has risen from 2-2.8% to 9.8%, while the figure in Turkey is now at 73.5%, Argentina at 58%, and Brazil at 12.3%. “But we (India) are at 7.1%,” Shah said. He said the falling rupee should be viewed through the same prism as inflation. “The value of the rupee is being discussed in India, but Europe, Japan, the UK, Brazil, and China are all dealing with similar situations.”
“Compared to other countries, India’s growth has been extremely good at 7.4 GDP,” he said.