On this India Today special report, the focus is on India’s Economic Survey and the strategic debate surrounding rupee depreciation. Chief India Economist at J.P. Morgan, Sajid Chinoy, argues that a ‘gradually non-disruptive depreciation is actually a healthy thing’ to protect India’s export competitiveness against ASEAN competitors who face lower US tariffs. The discussion highlights that while India’s current account deficit remains sustainable, the drying up of capital flows necessitates a policy that avoids burning forex reserves at an unsustainable pace. Chinoy explains that a weaker rupee acts as a buffer against cheap Chinese imports and supports domestic manufacturing. Conversely, Sonal Varma of Nomura notes that the cost-benefit analysis is shifting as depreciation begins to feed into further currency weakness and higher costs for intermediate imports. The panel examines the trade-offs in policymaking as India prepares for the FY27 budget amidst global geopolitical shifts and the impact of US trade policies.
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