The Indian National Congress has launched a sharp criticism against Prime Minister Narendra Modi's government as the Indian rupee plunged to a historic low against the US dollar. The political party accused the ruling administration of failing to manage the country's economic stability amid global financial pressures.
Political Firestorm Over Currency Crisis
Congress spokesperson Pawan Khera addressed journalists on Monday, delivering a scathing assessment of the government's handling of the economic situation. The rupee touched an unprecedented low of 83.67 against the US dollar in early trading, marking the weakest performance in the currency's history.
Khera specifically targeted Prime Minister Modi, recalling his previous criticism of the Congress-led UPA government during similar economic challenges. "We remember what Modi ji used to say when he was the chief minister of Gujarat and when he was the prime ministerial candidate," Khera stated during the press conference.
Historical Context and Political Point-Scoring
The Congress spokesperson highlighted how the current prime minister had previously blamed the Manmohan Singh government for rupee depreciation during the UPA era. Khera quoted Modi's past statements where he had criticized the then-government for the falling rupee value and rising inflation.
The political attack comes at a sensitive time for the Indian economy, which has been battling multiple challenges including rising inflation, increasing crude oil prices, and global economic uncertainty. The opposition party questioned the government's claims of economic management excellence, pointing to the consistent decline in the rupee's value.
Economic Implications and Public Impact
The rupee's depreciation has significant consequences for the Indian economy and common citizens. A weaker rupee makes imports more expensive, potentially fueling inflation across various sectors. Essential commodities, electronic goods, and petroleum products could see price increases, directly affecting household budgets.
International investors have been closely monitoring the situation, with foreign institutional investors showing cautious behavior toward Indian markets. The declining currency value also impacts India's external debt servicing costs and corporate earnings of companies with significant foreign exposure.
The Congress party's criticism reflects growing concerns about economic stability and marks another chapter in the ongoing political battle over economic governance. As the rupee continues to face pressure from global market forces and domestic economic challenges, the debate over economic management is likely to intensify in the coming weeks.
