As the Indian rupee continues its downward spiral, the Congress party has unleashed a barrage of criticism against the ruling Bharatiya Janata Party (BJP), attributing the currency's alarming depreciation to the policies of the current government.
When the BJP ascended to power in 2014, the exchange rate stood at a modest ₹59 per US dollar. Fast forward to today, and the rupee has plummeted to ₹84 against the dollar, marking a staggering ₹25 increase under BJP's tenure. Congress leaders have seized upon this dramatic devaluation, asserting that it directly impacts the wallets of ordinary citizens.
"The weakening of the Indian rupee directly impacts your pocket," declared senior Congress leader Jairam Ramesh in a scathing rebuke aimed at the ruling party. He highlighted several ways in which the rupee's decline adversely affects the populace:
Imported Goods: Congress contends that the rising cost of imported goods, attributed to the depreciating rupee, places a heavier financial burden on consumers. What once cost ₹59 now demands ₹84, squeezing household budgets and eroding purchasing power.
Fuel Prices: With India heavily reliant on imported crude oil, the depreciating rupee has led to increased fuel costs at the pump. Congress asserts that every trip to refuel now digs deeper into citizens' pockets, exacerbating financial strain.
Inflation and Interest Rates: The opposition party warns of broader economic repercussions, as inflationary pressures mount and the Reserve Bank of India (RBI) responds with interest rate hikes. Consequently, loan repayments, including home, car, and education loans, become more onerous, exacerbating financial stress for borrowers.
Drawing attention to past rhetoric from BJP leaders, Ramesh lambasted the ruling party for its perceived hypocrisy, citing derogatory comments made by former Gujarat Chief Minister and prominent BJP figure regarding the rupee's value during previous administrations. However, as the rupee's decline reaches unprecedented levels, Congress alleges a conspicuous silence from BJP leadership.
In response to Congress's blistering critique, BJP officials have defended their economic policies, asserting that external factors beyond their control have contributed to the rupee's devaluation. Nonetheless, as the opposition intensifies its attack on BJP's handling of the economy, the currency's precipitous decline remains a focal point in the ongoing political discourse.