Hashtag Politics | Why is Modi, vocal during UPA rule, ‘silent’ on Rupee downfall now, asks Oppn
On July 14, the Indian rupee fell to nearly 80 per US dollar, to an all-time low of 79.99. It recovered 8 paise to settle at Rs 79.91 on Friday. This will make imports of items ranging from crude oil to electronics, overseas education and overseas travel more expensive. Inflation could also get worse.
Opposition leaders have taken to social media to criticize the Narendra Modi government pointing out how the BJP criticized the previous Congress-led UPA government on the same issue before it came to power in 2014.
Sharing a clip of Modi then attacking the UPA government over the issue by saying in Hindi that ‘the country is in despair’, Rahul Gandhi tweeted: ‘As much as you were making noise then today you are too ‘silent’ seeing the rupee depreciate rapidly”.
“देश निराशा की गर्त में डूबा है”
—Rahul Gandhi (@RahulGandhi) July 15, 2022
In another tweet, Gandhi spoke about the reactions the BJP had whenever the rupee fell, saying that when the rupee was at 50 to the US dollar, it was referred to as “India in crisis”, while at 70, the situation was being called “Atmanirbhar (self-sufficient)”, and that at 80, the time is called “Amritkaal (a magical time)”. Both words have been used repeatedly by the BJP to describe their rule and policies.
In an email interview with the PTI news agency on July 16, senior Congress official and former Union finance minister P Chidambaram said the currency’s decline was “inevitable” due to India’s ‘current account deficit’ and ‘high inflation’, adding: ‘The exchange rate should be seen as a ‘price’. It is one of the ‘trinities’ that the RBI must The rupiah will only gain when the fundamentals improve,” he said.
He also criticized Prime Minister Modi’s “one million jobs” campaign and said it would not help alleviate the “jobs crisis” in the country.
50: ‘India in crisis’
—Rahul Gandhi (@RahulGandhi) July 14, 2022
Responding to the question on Thursday, joint opposition presidential candidate Yashwant Sinha, who was also a former finance minister, said, “Our foreign exchange reserve was US$641 billion. To save the falling rupiah, the RBI has spent 45 billion dollars… A sinister situation is developing. Our huge foreign exchange reserves are running out very quickly. The rupee is down against the dollar. It has already touched 79.86 against the dollar,” adding that “the government should come up with a response. The Rupee was at 58.44 against the Dollar in 2014 when Narendra Modi became Prime Minister… He used to say earlier that if (former Prime Minister) Manmohan Singh was so smart then why the value of the rupee going down?
The Congress adopted the hashtag “ab ki baar, 80 paar (This time it passed 80)”, a play on the BJP poll slogan “ab ki baar, Modi sarkar (This time, the Modi government)” to highlight the problem.
This lack of concern from the Modi government over falling foreign exchange reserves, record trade deficit and collapsing rupee is as worrying as this sharp drop. The government must release a white paper and explain its mismanagement. https://t.co/Uc6b97biKi
—Sitaram Yechury (@SitaramYechury) July 14, 2022
Alleging that “it has been 7 months since the rupee started to depreciate and the BJP government was ‘asleep’, the official Congress record criticized previous BJP statements and claimed that the Congress-led government had took “four months to control” the depreciation of the value of the rupee against the dollar. On July 15, the account also said that when the rupee drops, “it swallows everything in its anger.”
Supriya Shrinate, spokesperson for the Congress, told a press conference at the AICC headquarters on Friday that “the RBI has spent about $40 billion since January,” adding that “they (the ruling government ) are still unable to arrest the fall of the rupee”.
At the same conference, she also alleged that “foreign investors” had “no confidence in Mr. Modi, his government and his policies”.
आपकी नज़र में “रुपया” और प्रधानमंत्री की “गरिमा” का गिरना राष्ट्रहित में या या bjp हित में? pic.twitter.com/P3fhaiuMYE
— AAP (@AamAadmiParty) July 14, 2022
Shama Mohamed, another Congress spokesman, posted a tweet on Saturday saying that “the rupiah hit a new high 26 times” this year alone and that it was “a testament to the economic incompetence of the BJP government “. She added that “If the BJP had protected the rupiah like it does for PM Modi’s image, the rupiah would not have come close to crossing $80v!”
Sharing an image saying in Hindi that ‘the rupee is only up to the fallen government’, the AAP tweeted on July 14 to ask ‘if the fall of the ‘rupee’ and the ‘dignity’ of the prime minister’ was “in the interest of the nation or in the interest of the BJP?
Demanding a “white paper” to “explain its management”, CPM chief Sitaram Yechury said in a July 15 tweet that the Modi government’s “lack of concern over falling foreign exchange reserves, record trade deficit and the collapse of the rupee” was “as worrying as this sharp fall”.
Telangana IT Minister K Taraka Rama Rao, popularly known as KTR, retweeted a post which also denounced BJP concerns over the fall of the rupiah under UPA rule. Sharing a news article of a statement by Modi, from 2013 when he said the Indian rupee at 62 to US dollars ‘was so helpless we needed a microscope’, the tweet said. stated that at “80” the rupee would need a “nanoscope”.