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Sustained weakness in the rupee has posed a challenge to the country's academic institutions. With the rupee around 60 a dollar, the cost of foreign books and journals are feared to escalate. The recent fall in the Indian currency has prompted libraries of many premier institutes to either reconsider orders for foreign books and journals or look for a local alternative.
This, according to experts, has raised concerns about the quality of academic output from institutions.
Though most libraries in the country are associated with the University Grants Commission (UGC) for online journals, many of them still remain vulnerable to currency fluctuations due to their dependence on international periodicals and books.
One of the many such cases is the Indian Institute of Management, Bangalore, which is mulling to cut on number of books being ordered from outside the country. "Every year we order about 2000-2500 such books. However, the rupee depreciation is costing us over 10 per cent more for ordering these books. Since we usually order throughout the year, this academic year we may have to reduce the order," said a source at the institute's library on condition of anonymity.
The same holds true for the Indian Institute of Technology, Gandhinagar (IIT-Gn), which too orders more than 3,000 books. "Each book costs us about $60-65. Our buying power has reduced due to rupee depreciation. If this continues till December, it will hit us hard. Even the e-journals have become costlier. As of now our budget for ordering books published outside the country is limited," said the librarian at IIT-Gn.
At IIM-B, the premier B-school spends about Rs 19 lakh annually on ordering books. "However, this year the spending will grow due to rupee weakening," the source added.
High cost might prompt institutions to put a scissor on the orders of foreign titles, which is feared to affect research activity.
Maharaja Sayajirao University (MSU) of Vadodara, which is allocated Rs 55 lakh for library under UGC grants for five years, is also seeing a decline in its orders for foreign titles for select streams.
"About 70-80 per cent of our budget goes for science and technology journals and books. Though we have increased our dependence on online content from UGC Infonet consortium, the foreign books remain a major concern for us," said Mayank Trivedi, librarian at the Hansa Mehta Library of MSU.
The university data showed the number of print journals subscribed has gradually come down from 392 in 2008 to 287 in 2012.
The library has over 6,000 full text open source journals, which are mainly sourced from UGC Infonet Consortium.
Since, January 2011 rupee has fallen by over 32 per cent against the US greenback.
"Indian institutes are vulnerable to currency fluctuations. Journals may not have much impact, but foreign book purchases will get adversely affected due to currency depreciation," said Anil Gupta, faculty at Indian Institute of Management, Ahmedabad (IIM-A). However, Gupta also offers a lesson in this.
"This is a golden opportunity for local publishers and authors to cater to the Indian market. They should turn this crisis into an opportunity for them. Authors will have an incentive to write for Indian market as foreign books get costlier," Gupta, is also a founder of National Innovation Foundation.
The library sources at IIM-A informed the institute places orders for foreign books in November-December. Hence the impact of recent slide in rupee value against dollar would only be known in the next cycle.
Considering the frequent fluctuations in currency rates, Nirma University has evolved a model to keep a margin fund to safeguard against the rupee slide. "Since 2008, we have been keeping provision for currency fluctuation and inflation. So, even if the prices go up for journals or books, we don't stop ordering that," said Monita Shastri, chief librarian, Nirma University.
