From Our Bureau
NEW DELHI: “The currency of a country falls where the government is immoral and corrupt. I sometimes wonder if there is a race between the central govt and the falling Rupee. Who will stoop lower. The prestige of the PM is attached to the falling Rupee. The lower it falls, more credibility and dignity of the Prime Minister is eroded.”
The Congress spinned the colossal ‘jumla’ of Prime Minister Narendra Modi as a candidate in the 2014 Lok Sabha elections. Its social media chief and spokesperson Supriya Shrinate wondered at a press conference what Modi has to say on his own contention today.
She said she is only mouthing Modi’s own word that the falling Rupee is his falling dignity as for the first time ever, the Indian Rupee has crossed 80 against the US dollar because of his economic mismanagement and failure to control the ruined Indian economy.
Noting that this is the same rupee that Modi himself used to associate with the PM’s prestige, Supriya shared her lurking suspicion aroused by the free fall of the Rupee–Whether Modi is preparing to hit a century with our currency too just like he has done with petrol.
Before 2014, Modi falsely claimed that a “strong PM” is necessary for strengthening the Rupee, but today he has proved to be toxic and most harmful for the Indian currency as the so-called strong PM has made the Rupee weakest in history as it has depreciated more than 7% in six months.
“How long will the Prime Minister keep hiding behind the war of Corona, Russia and Ukraine? Because this is the same rupee whose value was only 58 against 1 dollar in 2014 and in the last 8 years it first breached the age of retirement, then went to marg darshak mandal and has now crossed 80 – a fall of 22 rupees against 1 dollar in 8 years! Modi think about your eroding dignity and credibility – your words not ours!,” Supriya said.
She said the continuous fall of Rupees will push up the backbreaking inflation more rapidly, prices of essential commodities as well as petrol, diesel and cooking gas will increase, train, bus fares will go up and the direct effect will also be visible on our plate.
Rejecting Modi’s sycophants citing the international conditions to defend the free fall of the currency, she narrated how the Congress-led UPA government managed during the taper tantrums of 2013 when the foreign investors had started leaving the country and the Rupee had fallen by 15% from Rs 58 a dollar to Rs 69 between May and August.
She said the UPA government and the then RBI governor Raghuram Rajan together handled the rupee with a multipronged approach – not only brought the rupee back to 58/$ within 4 months, but also increased the GDP growth from 5.1% to 6.9% within a year. Also, the foreign investment of $35 billion came back to India as agains exodus of $12 billion.
Supriya said the investors have no faith in the Modi government as the RBI failed to boost up the Rupee despite spending about 40 billion dollars. It shows the investors do not have even the slightest faith in this government’s policies.
She said the pin-drop silence of PM and his army of sycophants on the falling Rupee is a clear sign of the failed economy and unbridled inflation since the government is directionless and Modi is toxic and harmful for the Rupee.
