Press Esc to close
Thursday 30 October 2014
News updated at 5:13 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

Middle-class Indians hit hard by rupee's fall: Survey

New Delhi, June 20, 2013, (IANS) :
Reuters Image

As the Indian rupee slumps to new lows, the country's middle class has been forced to cut back on eating out, buying branded products or new cars, studying abroad etc. as their monthly expenditure has risen by 20 percent, a study by Assocham revealed Thursday.

The Indian rupee slumped to another record low of 59.93 against the dollar Thursday, after the US Federal Reserve signalled an end to its monetary stimulus that would help in further strengthening of the greenback.

"Over 92 percent of the respondents said that their monthly bills have jumped by 15-20 percent in the last one month - the middle class and the lower class are the worst hit," said the survey.

According to Assocham, going to fancy restaurants has been hit the hardest with around 78 percent of middle class Indians avoiding eating out.

In addition, 65 percent have stopped buying foreign branded goods, while 49 percent are spending less on home appliances and 32 percent have put plans to buy a new car on hold.

However, people are in no mood to pay heed to Finance Minister P. Chidambaram's request not to buy gold for the sake of the health of the Indian economy.


"Despite the effort by the government to control gold imports, the Indian middle income group is bound by societal traditions and continues to buy gold even at higher prices which have increased the prices of gold due to rupee weakening," said D.S. Rawat, secretary general of Associated Chambers of Commerce and Industry of India (Assocham).

The survey further said that Indian students aspiring to study abroad will also be affected as expenditure on food, living expenses and stay has risen sharply.
Assocham said the survey was conducted in cities like Delhi, Mumbai, Kolkata, Chennai etc.

Go to Top

Photo Gallery
Devotees offer prayers during Chhath festival celebrations at Galta Kund in Jaipur...

Devotees offer prayers during Chhath festival celebrations at Galta Kund in Jaipur...

Dipika Pallikal in action against Japan's Misaki Kobayashi in finals of JSW-PSA...

Dipika Pallikal in action against Japan's Misaki Kobayashi in finals of JSW-PSA...

Delhi Dynamos FC (orange) and North East United FC (white) players in action during...

Delhi Dynamos FC (orange) and North East United FC (white) players in action during...

President Pranab Mukherjee during the conference of directors of National Institutes...

President Pranab Mukherjee during the conference of directors of National Institutes...

Army personnel take position during a search operation of Lashkar-e-Taiba hideouts...

Army personnel take position during a search operation of Lashkar-e-Taiba hideouts...

Workers build the stage at the Wankhede stadium for the swearing in ceremony...

Workers build the stage at the Wankhede stadium for the swearing in ceremony...

Sri Lankan team during practice session before the match against India A...

Sri Lankan team during practice session before the match against India A...

Bollywood actor Shah Rukh Khan with filmmaker Farah Khan, actors Boman Irani...

Bollywood actor Shah Rukh Khan with filmmaker Farah Khan, actors Boman Irani...

Vehicles ply at Rajpath as fog covers it in New Delhi...

Vehicles ply at Rajpath as fog covers it in New Delhi...

A camel herder stands beside resting camels at the annual cattle fair in Pushkar...

A camel herder stands beside resting camels at the annual cattle fair in Pushkar...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523