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Entrepreneur and Biz News+ founder Jayant Mundhra has issued a stark warning about India’s economic future, predicting that the rupee could weaken to Rs 150 against the US dollar if the country fails to reduce its dependence on imports and foreign technology. Speaking in a podcast conversation with Raj Shamani, Mundhra said India is increasingly becoming a “consumer economy” instead of building domestic manufacturing and innovation capabilities.
According to Mundhra, the falling demand for the rupee is directly linked to India importing large quantities of products, technology, energy, and even digital services from abroad. He argued that every dollar spent on foreign platforms and imports weakens the Indian currency over time. “At the rate we are going, the rupee touching Rs 150 per dollar will not be shocking,” he said during the discussion.
The austerity measures, he said, are not feasible in the long run. “This is not like Covid times anymore. This is also not the India of five years ago, when people would bang metal plates. People have started asking questions now,” he said.
The Biz News+ creator criticised India’s heavy dependence on imports such as gold, oil, gas, and advanced technologies, saying the country needs to focus on domestic production and long-term reforms instead of short-term political gains. He pointed out that India’s energy import dependence has risen from around 83% to nearly 89%, warning that it could touch 95% in the coming years if corrective steps are not taken.
Mundhra also questioned why India celebrates foreign technology companies entering the country instead of building its own alternatives. Referring to satellite internet services and AI platforms, he said Indians are happily becoming distributors and consumers of foreign tech instead of creators. He cited examples such as OpenAI and global AI subscriptions, claiming billions of dollars continue flowing out of India because the country lacks strong indigenous alternatives.
Drawing comparisons with countries like China, Bangladesh, and Vietnam, Mundhra argued these nations focused on strengthening domestic manufacturing ecosystems before becoming export powerhouses. He praised states such as Gujarat and Tamil Nadu for bringing sector-specific industrial policies quickly, especially in semiconductor and manufacturing sectors.
During the conversation, Mundhra said India must invest more aggressively in exploration, mining, manufacturing, and technological self-reliance if it wants to protect the rupee and emerge as a true global economic power.
According to Mundhra, the falling demand for the rupee is directly linked to India importing large quantities of products, technology, energy, and even digital services from abroad. He argued that every dollar spent on foreign platforms and imports weakens the Indian currency over time. “At the rate we are going, the rupee touching Rs 150 per dollar will not be shocking,” he said during the discussion.
The austerity measures, he said, are not feasible in the long run. “This is not like Covid times anymore. This is also not the India of five years ago, when people would bang metal plates. People have started asking questions now,” he said.
The Biz News+ creator criticised India’s heavy dependence on imports such as gold, oil, gas, and advanced technologies, saying the country needs to focus on domestic production and long-term reforms instead of short-term political gains. He pointed out that India’s energy import dependence has risen from around 83% to nearly 89%, warning that it could touch 95% in the coming years if corrective steps are not taken.
Mundhra also questioned why India celebrates foreign technology companies entering the country instead of building its own alternatives. Referring to satellite internet services and AI platforms, he said Indians are happily becoming distributors and consumers of foreign tech instead of creators. He cited examples such as OpenAI and global AI subscriptions, claiming billions of dollars continue flowing out of India because the country lacks strong indigenous alternatives.
Drawing comparisons with countries like China, Bangladesh, and Vietnam, Mundhra argued these nations focused on strengthening domestic manufacturing ecosystems before becoming export powerhouses. He praised states such as Gujarat and Tamil Nadu for bringing sector-specific industrial policies quickly, especially in semiconductor and manufacturing sectors.
During the conversation, Mundhra said India must invest more aggressively in exploration, mining, manufacturing, and technological self-reliance if it wants to protect the rupee and emerge as a true global economic power.
