From The Link
''The immediate cause of the Rupee’s slide and the rise of petrol prices is that India has to pay for its oil in dollars. India could have easily secured its oil supply from Iran and paid in Rupees instead of dollars. However, because of the American monopoly on the sale of oil and America twisting India’s arm regarding maintaining cordial relations with Iran, it will not allow India to buy the oil in Rupees instead of dollars and will not allow India to buy more oil from Iran, its time-tested friend.
Under the western capitalist model of development, economic growth has only served the interests of a very small elite rather than the masses. This model of development has led to concentration of wealth in the hands of the few at the expense of the many.''
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