Congress Spokesperson Supriya Shrinate mentioned for the primary time in historical past, the rupee is racing quick in the direction of 82 towards the greenback
Congress Spokesperson Supriya Shrinate mentioned for the primary time in historical past, the rupee is racing quick in the direction of 82 towards the greenback
The Congress on Tuesday attacked the Centre over the depreciating worth of the rupee towards the greenback and mentioned the one request to Prime Minister Narendra Modi is to cease the rupee from scoring a century.
The rupee appreciated 37 paise to 81.30 towards the US greenback in early commerce on Tuesday whereas consolidating in a slender vary and settling 9 paise increased at 81.58 (provisional) towards the US greenback on Tuesday.
Addressing a press convention on the celebration headquarters right here, Congress Spokesperson Supriya Shrinate mentioned for the primary time in historical past, the rupee is racing quick in the direction of 82 towards the greenback.
“With Modi Ji’s blessings, the rupee has become the weakest in history and he who claimed (before coming to power) the fall in the value of rupee is directly linked to falling in Prime Minister’s credibility must realise his own credibility is in a bottomless pit,” Shrinate mentioned.
Exactly a yr in the past, in September 2021, the worth of the rupee was 73 towards USD 1, which has now elevated to 81.63. Simply put, the Prime Minister’s fame has fallen by greater than 12 per cent in 12 months, she claimed.
“On May 26, 2014, when Modi Ji took oath as Prime Minister for the first time, the value of rupee against USD 1 was 58.62 – which means the value of the rupee has crashed by 41.5 per cent during Modi Ji’s tenure,” she mentioned.
India’s overseas alternate reserves, which had been at USD 642 billion in September 2021, now stand at USD 545.65 billion, Shrinate mentioned.
Just a month in the past, the nation’s overseas alternate reserves had been USD 571 billion. It has now fallen to USD 545 billion, she mentioned, including it’s a decline of USD 26 billion in a month.
“But the question is, how does the weakening of the rupee affect you and your wallet? The weakening of the rupee means rising cost of imports. If a good comes from abroad for USD 1, then in September 2021, we had to pay Rs 73, for which now we will pay Rs 82, that’s Rs 9 more,” Shrinate identified.
When involves the nation at a better value — Rs 9 extra now — then folks may also should pay extra, she mentioned.
“For example, India imports 80 per cent of crude oil. Now it will be imported by India at a higher price. If oil is expensive, inflation will increase, after all, if most of the goods — fruits, vegetables, food grains, and other things — are transported by diesel trucks, then its cost will increase. Because of this, things will be expensive,” she mentioned.
When inflation will increase, RBI will enhance the rate of interest to manage it, she argued, including that in such a scenario, the EMI of the mortgage will enhance and folks should pay extra money.
“Due to the failed policies of the Modi government, the confidence of investors has been shaken in the market. A completely disrupted cycle of consumption, investment, and employment saddled with high prices is weakening the Rupee further. That’s why foreign funds are fleeing India,” she alleged.
Shrinate mentioned the “tools of mass distraction” are getting used to shift focus from the true subject.
“It is repeatedly pointed out that the rupee fell in 2013 too. Yes it did, but the reality is that in 2013, the international reasons were even more frightening – Taper tantrum made the rupee weak – and then the Congress government strengthened the rupee,” she mentioned.
Under the Manmohan Singh-led UPA authorities, the then Finance Minister P. Chidambaram after which RBI Governor Raghuram Rajan collectively took care of the rupee.
“Not only did we bring it back to 58/1 USD within four months, but within one year we increased the GDP growth from 5.1 per cent to 6.9 per cent. Also, USD 35 billion worth of foreign funds were pulled back into India versus the USD 12 that had fled,” Shrinate mentioned.
“Before becoming Prime Minister, Modi Ji used to say that the credibility of the Prime Minister of the country falls with the rupee. When he became PM, he would bring the rupee to 40 against a dollar. The weakening of the rupee is a sign of weakening of you and the country,” she mentioned. “The only request to Modi Ji is to stop the Rupee from scoring a century.”
On Monday, the rupee plunged 58 paise to shut at an all-time low of 81.67 towards the greenback.
Source: www.thehindu.com
