Indian business losing competitive edge due to corruption and misgovernance

In his Independence Day address, Prime Minister Manmohan Singh said the rupee is down because of the global economic crisis. A look at the events of the last decade reveals otherwise. When the global economy was doing well between 2002 and 2008, the rupee was stable at about Rs. 45 to a dollar. When the global crisis erupted in 2008 and continued until 2012, the rupee held stable at Rs. 45.

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