IS IT TIME TO RE-VISIT INDIA’S EXCHANGE RATE POLICY?

I remember visiting India in July 2014 after a five-year hiatus and paying Rs. 250 for a haircut in a Mumbai suburb. In January 2023, I visited the locality again and a haircut cost me the same Rs. 250.

I am reasonably certain that the barber didn’t charge pro-rata to account for my much- receded hairline over the last decade. This observation could be termed anecdotal. The below snip shot from the app Urban Clap has haircuts prices at about Rs 250 as well. Why have haircut prices not increased in a decade? One may argue that salons can make only so many productivity enhancements to a haircut, thus the output is stagnant.