Congress demands PM Modi’s statement on Rupee slump

As the Indian rupee fell to Rs 69.98 against the US dollar, Congress on Tuesday said ‘Modinomics’ has wreaked havoc for Indias economy and that a falling rupee is the symbol of the failures and economic mismanagement of the Modi government.

Congress hoped that Prime Minister Narendra Modi would now make a comprehensive statement on the immediate steps that the government is going to take.

Fears over a rise in global protectionist measures, along with a strong US economy, dragged the Indian rupee to a fresh intra-day low of over 70 against the US dollar on Tuesday before recovering by a fraction at Rs 69.98.

Congress spokesperson Randeep Singh Surjewala said ‘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 government’, he said.

“Demonetisation, implementation of a flawed GST, tax terrorism, low growth, low investment, no jobs and now rising inflation are the myopic ad hoc economic policies that have become the identity of the Modi government,” said Surjewala.

“Rupee is now trading at an historic low. What the Congress could not achieve in 60 years, Modi and his careless economic policies have achieved in 60 months,” he added.

Surjewala said the rupee has lost almost 10 per cent of its value in 2018. “The rupee has become Asia’s weakest currency under this government,” he said.

“Even as Modi government is busy blaming global factors for a falling rupee, it is worth recalling that during the massive Global Financial Crises of 2008, the previous Congress-UPA government had managed the economy despite numerous global pressures,” he added.

He also said foreign investors are consistently losing confidence in government policies.

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