Shamika Ravi, a member of the Prime Minister's Economic Advisory Council (EAC-PM), has ignited a firestorm of criticism after her comments on the potential depreciation of the Indian rupee to 100 against the US dollar. In a recent interview, Ravi stated, 'So what if the rupee touches 100 to a dollar? It's just a number.'
Ravi's Stance on Rupee Depreciation
Ravi advocated for allowing the rupee to 'discover its own true value,' describing it as a natural shock absorber for the economy. She explained, 'The value of the rupee vis-a-vis the dollar, therefore, the exchange rate becomes that valve through which this pressure is going to be taken care of. Which is what it means when you say let it discover its own true value.' She further argued that inflation is not a problem unless the RBI or government tries to maintain the rupee's value artificially.
Rupee Under Pressure in 2026
The Indian rupee has been under significant strain throughout 2026, recently touching record lows near 97 against the dollar. This decline is attributed to soaring oil prices and escalating geopolitical tensions in West Asia, which have put immense pressure on the currency.
Social Media Backlash
Ravi's remarks have triggered widespread backlash on social media platforms, with users questioning her understanding of the common citizen's struggles. Many pointed out her educational background—a BA, MA, and PhD in Economics from Lady Shri Ram College, Delhi School of Economics, and New York University—to criticize her perspective.
- One user posted a screenshot of her educational history with the caption, 'Speechless.'
- Another remarked, 'Everything's a number until the aam aadmi has to pay it.'
- A third user sarcastically said, 'Don't pay her salary, it's just a number.'
The backlash highlights the disconnect between economic theory and the real-world impact on ordinary Indians, who bear the brunt of a weakening rupee through higher import costs and inflation.
