Congress slams Modi authorities for ‘free fall’ of rupee

Congress chief Randeep Surjewala says PM Modi decided to breach ₹100 to a greenback

Congress chief Randeep Surjewala says PM Modi decided to breach ₹100 to a greenback

The Congress on Thursday hit out on the Narendra Modi authorities over the “free fall” of the rupee and accused it of being in fixed election mode as a substitute of specializing in financial points.

“The rupee once more reached a report low of ₹83 towards the greenback, noting that it may possibly show to be “very harmful” for India’s financial system. Finance Minister mentioned that the rupee isn’t weakening, the greenback is getting stronger. Mere statements is not going to work, the central authorities must take concrete steps quickly,” tweeted the Congress president-elect Mallikarjun Kharge.

“Mr. Modi appears decided to breach the ₹100-mark to a U.S. greenback,” added Congress occasion basic secretary Randeep Surjewala in a separate tweet.

Addressing a press convention, Congress spokesperson Anshul Avijit accused the Modi authorities of being ‘clueless’ about macroeconomic administration and termed its dealing with of the financial system as ‘inept’.

“That is the proverbial good storm — weakening rupee, excessive ranges of inflation, rising unemployment, poverty and starvation. The inept Modi authorities is clueless about macroeconomic administration as this authorities is at all times in electioneering mode having no focus or concern on the financial points. We worry the worst is but to come back,” Mr. Avijit mentioned.

“The Finance Minister’s outrageous remark that, ‘rupee isn’t sliding and the greenback is strengthening’, ignores the truth that rising economies equivalent to Mexico and Brazil have really strengthened their currencies vis-a-vis USD throughout this essential interval. Additional, the US coverage concerning the greenback volatility is nicely encapsulated in former Treasury Secretary John Connally’s well-known assertion in 1971: ‘The greenback is our forex, but it surely’s your drawback’,” he added.

By- The Hindu

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