Congress slams Modi government for ‘free fall’ of rupee

The Congress on Thursday hit out at the Narendra Modi government over the “free fall” of the rupee and accused it of being in constant election mode instead of focusing on economic issues.

“The rupee again reached a record low of ₹83 against the dollar, noting that it can prove to be “very dangerous” for India’s economy. Finance Minister said that the rupee is not weakening, the dollar is getting stronger. Mere statements will not work, the central government will have to take concrete steps soon,” tweeted the Congress president-elect Mallikarjun Kharge.

“Mr. Modi seems determined to breach the ₹100-mark to a U.S. dollar,” added Congress party general secretary Randeep Surjewala in a separate tweet.

Addressing a press conference, Congress spokesperson Anshul Avijit accused the Modi government of being ‘clueless’ about macroeconomic management and termed its handling of the economy as ‘inept’.

“This is the proverbial perfect storm — weakening rupee, high levels of inflation, rising unemployment, poverty and hunger. The inept Modi government is clueless about macroeconomic management as this government is always in electioneering mode having no focus or concern on the economic issues. We fear the worst is yet to come,” Mr. Avijit said.

“The Finance Minister’s outrageous comment that, ‘rupee is not sliding and the dollar is strengthening’, ignores the fact that emerging economies such as Mexico and Brazil have actually strengthened their currencies vis-a-vis USD during this critical period. Further, the US policy regarding the dollar volatility is well encapsulated in former Treasury Secretary John Connally’s famous statement in 1971: ‘The dollar is our currency, but it’s your problem’,” he added.