The document discusses several factors contributing to the devaluation of the Indian rupee, including increased demand for oil and US dollars in India, the US economic recovery prompting foreign investors to pull money out of India, increased gold demand in India, the Indian government's food security bill subsidy, and withdrawals of investment from projects in India by companies like ArcelorMittal and Posco. It concludes that the Indian government and Reserve Bank of India's conservative nature and consideration of upcoming elections have restricted their ability to make hard decisions, and that taking actions like enhancing facilities for foreign investors and implementing the food security bill in stages could help control the devaluation.