Aim long term for a strong currency

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Context: A case for maintaining a strong currency as opposed to a weak currency supporting exports.

Problems with strong currency:

Exports will become expensive: due to reduced margins for sectors relying on wage-rate arbitrage such as Information Technology Enabled Services and labour-intensive manufacturing

Need for a strong currency:

For a more productive economy: Indian rupee depreciated since 1980 reflective of the relative strength of the US as a more productive economy, with lower inflation.
Strong currencies reflect strong economies: E.g. US dollar, euro, British pound, Japanese yen, Swiss franc, Chinese yuan, and Singapore dollar.
For cheaper imports: This is important for India for containing expenditure for an oil and other energy imports, defence procurement, gold and electronic.
For more disposable income with the consumers: Disposable income will increase due to reduced costs and enterprises having higher surpluses from better profit margins

Ways to improve the strength of the currency:

Increasing the rate of growth: Focus on productivity, deal with emerging market realities of agricultural shocks and wage-push inflation, a radical improvement in infrastructure and in organizing human resources
Improve Services: Higher standards and skills for manufacturing, processes, and emissions can be achieved through good logistics, power, communications, water and sanitation
Attract transnationals to invest in India:
Improving services and standards will attract transnationals to India by consistent policymaking and removing hurdles (taxation and contracts issues) encountered by international investors.
By nurturing the global investors. E.g. Like in the way that Suzuki was to automobile manufacturing, with nodal government coordination.
Incentivize manufacturing: Systemic initiatives like anti-dumping duties and targeted manufacturing incentives shall be taken to improve manufacturing.
Increasing exports: By lowering import tariffs and increasing export capabilities by adapting policies in other emerging economies such as Bangladesh and Vietnam.
Support start-ups: even after the venture rounds are completed.

Conclusion: We should take necessary steps as mentioned above over time, to contribute to a strong economy and more stable currency.

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