Yes, but tightening the belt makes it even worst than rouble value drop. India is also a consumer based economy and there was a time the rupee was 00rupee/0USD. Credit is also something almost none existant for most unless you are already semi wealthy. Most dont even have a credit card - at least villagers for that matter (I know this through my wife) and although Indian GDP nominal isnt rrally high (PPP it is very high), it still chugs along and continues to grow. Russian CBR was stupid enough to push the whole mantra of "dont spend. Save" when we all know what that leads to. At least agriculture industries will help Russia grow as people cannot stop eating.  BTW, with minimum wage increasing by 0% in Russia this year, I imagine people will start spending again.  