Govt's incompetence responsible for Rupee fall: Mallikarjun Kharge
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«Our forex reserves have fallen to a 10-month low. Massive withdrawal of foreign capital from India has contributed to highly negative sentiments. Investors lost ₹24.69 lakh crore in wealth in 4 days of market slump due to unabated foreign fund outflow and steep fall in rupee. Increased import costs, especially of crude oil, rising production costs is resulting in skyrocketing price rise, impacting the poor and the middle class,» party president Mallikarjun Kharge posted on X.
Maintaining that India's widening trade deficit due to rising import costs and stagnant exports had impacted balance of payments, besides weakening the general economy, Kharge further said, «No matter how much you try to whitewash, the reality is that high inflation is biting every single paisa out of the pockets of our people and making their lives miserable. People have already suffered enough from your 'risk-taking capacity' and want the Indian economy to be saved from your disastrous policies!»
Congress' criticism of the Modi government for the weakening rupee comes in the backdrop of then Gujarat CM Narendra Modi making the weakening of rupee against the US dollar at the time a major political plank against the then UPA government led by Manmohan Singh.
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