As an aftermath of sharp depreciation in the value of rupee, Indian government has decided to hike the rates of diesel and cooking gas to settle the losses incurred.
The sharp decline in the value of rupee, almost 12%, against the American dollar is likely to cause the prices of toys, food items, cars, mobile phones and other imported items to soar in the coming days.
Even the domestic manufacturers relying on imported raw material are planning to charge extra, to pare up for the fall of rupee. A sharp rise in the price of imported coal is anticipated that will make electricity more expensive.
Consumer electronics bigwigs like Sony and Samsung have already increased the prices of their products by 5%.
(AW: Suchorita Dutta)
