Cong on Sitharaman’s dollar remark, Nirmala Sitharaman’s dollar remark, Congress attacks finance minister, latest news
New Delhi: Congress slammed Finance Minister Nirmala Sitharaman on Sunday for remarks that the rupee has not weakened but the US dollar has strengthened, and asked how long people will pay the price of “incompetence and bad policies” of the government.
Reacting to Sitharaman’s remarks, Congress Spokesman Supriya Shrinate said the Rupee is now on course to break through 83 to USD 1 and it looks like Prime Minister Narendra Modi “will only stop after he gets it.” crosses 100″.
“To strengthen the rupee, $100 billion has been spent in the last 10-11 months, but it has continued to fall because foreign investors have no confidence in the Indian economy and the policies of the Modi government” , she said.
Shrinate pointed out that 86% of India‘s trade is in US dollars. So, when the rupee weakens, it affects India’s economy, trade and imports.
“But the finance minister doesn’t care, she came up with a new theory – the rupee doesn’t get weaker as the dollar gets stronger,” she said.
“The weakening of the rupee is raising prices and the finance minister should refrain from making such statements. But she is not eating onions and garlic, the rupee is not weakening and unemployment is not there, there is no price hike, all this is being said while the people are struggling with these issues,” Shrinate said slamming Sitharaman.
Congress spokesman Gourav Vallabh also lambasted the finance minister and claimed that the weakening of the rupee would drive prices up further.
“How long will we have to pay the price for your bad policies and your (government) incompetence,” he said.
Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank in the United States, Sitharaman said the rupee has not weakened, but it is the dollar that has weakened. was strengthened, as she defended the 8% drop in the value of the Indian currency against the greenback this year.
She said the fundamentals of the Indian economy were strong and inflation was low compared to other parts of the world.
“First of all, I would see it as a falling rupee, I would see it as a strengthening dollar, strengthening the dollar all the time,” she said in response to a question about the weakening of the rupee.
Every other currency in the world is performing against a strengthening dollar, she said.
“And I’m not talking about technicalities, but it’s a fact that the Indian rupee has probably resisted this rise in the dollar rate, the exchange rate in favor of the strengthening dollar is there and I think the Indian rupee fared much better than many other emerging market currencies.”
The rupiah settled at 82.35 against the US dollar on Friday, after touching a new high of 82.68 on Monday, after which the Reserve Bank of India (RBI) is likely to have intervened. Some analysts say the central bank may have spent close to $100 billion over the past year to defend the rupee.