Rupee fall due to economic mismanagement of Modi Govt, alleges Congress

Congress on Tuesday alleged that Rs Modinomics’ has wreaked havoc for India’s Economy and left it in dire straits. The party said a falling rupee is the stark symbol of the abject failures and economic mismanagement of the Modi Government.

“Modi Made Disaster of Demonetisation’, ‘Implementation of a flawed GST’, ‘Tax Terrorism’, ‘Low Growth, Low Investment’ ‘No Jobs’ and now ‘Rising Inflation’ - are the myopic adhoc economic policies that have become the identity of the Modi Govt,” the party said in a statement.

AICC chief spokesman Randeep Surjewala said Rupee is now trading at an historic low and stated what the Congress party could not achieve in 60 years, Prime Minister Narendra Modi and his careless economic policies have achieved in 60 months.

“Rupee has lost almost 10 percent of its value in 2018 itself. Rupee has become Asia’s weakest currency under Modi Govt. While many currencies of Asian nations have infact appreciated during the same period, Rupee has lost its shine,” Surjewala said.

The party recalled how Manmohan Singh during the massive Global Financial Crises of 2008, the previous Congress-UPA Government had managed the economy despite numerous global pressures. The party also blamed the flawed and ill-conceived GST leading to a bad economy and that the Current Account Deficit has continuously fallen and never recovered. “Foreign Investors are consistently losing confidence in Government policies and incoming FDI, since April, 2018 is on a downward spiral; this would lead to a further weakening of Rupee Vs Dollar,” the party said in the statement.