statesman news service
KOLKATA, 22 JUNE: A survey conducted by Assocham in major places such as Delhi-NCR, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Pune, Chandigarh and Dehradun suggests that the cascading impact of rupee depreciation has hit the middle income group to the extent of 15-20 per cent, particularly on items related to petroleum products, edible oil, overseas education and foreign trips among others.
Assocham nationwide survey reveals that rupee depreciation had the greatest impact on consumers in metros and other major cities vis-à-vis tier-III and semi urban area. Over 92 per cent of the respondents said that their monthly bills have jumped by 15-20 per cent in the last one month. The middle-class and the lower-class are the worst hit, adds the survey.
"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 Mr DS Rawat, secretary general of Assocham.