With rupee touching a fresh all-time low of 70.08 against dollar on Tuesday, Congress President Rahul Gandhi turned the heat on the Narendra Modi government over its failure to control the declining rupee. The Indian currency has seen nearly 10 per cent fall this year alone. Taking a jibe at Prime Minister's remarks of "70-year misrule" of various parties, including the Congress, the party said "Modiji finally managed to do something that we couldn't do in 70 years".
Posting an old video of Modi, Rahul also asked his followers on Twitter to "listen to the Supreme Leader's (Modi) master class" on why the currency was falling. "The Indian #Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader's master class on economics in this video, where he explains why the Rupee is tanking," tweeted Gandhi.
The Indian #Rupee just gave the Supreme Leader, a vote of NO confidence, crashing to a historic low. Listen to the Supreme Leader's master class on economics in this video, where he explains why the Rupee is tanking. pic.twitter.com/E8O5u9kb23- Rahul Gandhi (@RahulGandhi) August 14, 2018
The footage shows Modi, during election campaign for the 2014 Lok Sabha elections, slamming the Manmohan Singh-led government for its inability to contain the falling rupee against dollar. "Just like rupee is getting weaker by the day, the dollar is getting stronger. If the situation persists, India will not be able to stand in the global trade. Our traders export some articles, they import some other articles. They cannot bear this burden. Even the Indian government would face difficulty in selling or buying goods from other countries," said Modi.
Slamming the Centre government, the then Gujarat Chief Minister had said the country needs answers to why the rupee was falling against the dollar. "The Centre government is not providing answers. The nation wants to know Mr Prime Minister (Manmohan Singh), what is the reason that the Indian rupee has been falling against dollar," he asked. In the video, Modi had claimed that the continuous decline in rupee was not only due to economic reasons but also due to the "corrupt politics of the Delhi centre) government." He said that he was levelling these allegations with all seriousness.
On Monday, the currency crashed by 110 paise-its biggest single-day fall in five years-to end at a lifetime low of 69.93 as the US dollar gained rapid strength amid fears that economic crisis in Turkey could spread to other global economies. Turkey's central bank announced measures to help its banks, but the country's Lira and stock market slid further.
Congress spokesperson Randeep Singh Surjewala also said that falling rupee-failing economy is Independence Day gift by Modiji to the nation. "'Modinomics' has wreaked havoc for India's Economy and left it in dire straits. A falling #Rupee is the stark symbol of the abject failures and Economic Mismanagement of the Modi Govt!," he tweeted.
Falling Rupee-Failing Economy is Independence Day gift by Modiji to the Nation!
'Modinomics' has wreaked havoc for India's Economy and left it in dire straits.
A falling #Rupee is the stark symbol of the abject failures and Economic Mismanagement of the Modi Govt!
Statement-: pic.twitter.com/Hl9DUsjGDR- Randeep Singh Surjewala (@rssurjewala) August 14, 2018
The BJP-led government has blamed "external factors" for the rupee's fall. Economic Affairs Secretary Subhash Chander Garg had earlier said that external factors might ease going forward, and that there was nothing at this stage to worry.
(Edited by Manoj Sharma)