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New Delhi
Saturday 11 July 2020

Cong slams PM Modi over fall in value of Rupee

We think that the Prime Minister's tweet of 2013 and the External Affairs Minister's tweet around the same time apply very squarely to the BJP today, Tewari said

New Delhi: The Congress today took a swipe at Prime Minister Narendra Modi over the sharp drop in the value of the Rupee and wondered which of the two the BJP or the Indian currency will fall lower.

Congress spokesperson Manish Tewari also asked as to who was the country’s finance minister, saying one is “acting” to be the FM, while the other is “pretending” to be so, an apparent dig at Piyush Goyal and Arun Jaitley.

Tewari also claimed that there is an erosion of confidence in the banking sector due to the numerous multi-crore scams that have taken place in the country in recent past and that it is reflected in the reduction in the savings rate.

Recalling Modi’s tweet questioning the fall in rupee during the UPA regime, Tewari said at that time Sushma Swaraj, now the External Affairs Minister had tweeted saying – “the Rupee has lost its value and the Prime Minister has lost his grace”.

“We think that the Prime Minister’s tweet of 2013 and the External Affairs Minister’s tweet around the same time apply very squarely to the BJP today,” Tewari said.

The Indian rupee hit a record closing low of 68.95 on Thursday.

On legalising betting, he said, at a time when the economy is down the priority seems to be that of legalising betting in sports.

“When there is huge economic distress across the length and breadth of the country, agrarian distress, unemployment, jobs not being created, what is the NDA-BJP Government obsessed or its instrumentalities obsessed with? How do you legalise betting in sport,” he said.

Taking a dig at the finance minister, he said, “All this happens because the Finance Ministry has fallen between two stools. So, therefore, you have an acting Finance Minister and you have a pretending Finance Minister.

“So the acting one does not know whether he is acting and the pretending one does not know whether he is pretending.”

He claimed the country’s economy is “like a rudderless boat on a very choppy ocean”.

Tewari cited the RBI data which suggests that deposit growth in banks has slowed down by 7.59% year on year, saying it signifies an erosion of people’s confidence in the banking system.

“When the rate of deposit growth slows down, it is indicative that because of the kind of gross mismanagement that you have seen in the Banking sector, the manner in which non-performing assets have been spiralling, there is an erosion of confidence amongst the depositors in the Banking sector, something which has never ever happened,” he said.

He also took on the prime minister for quoting EPFO data to claim that in 2017-18, 70 lakh new jobs have been created.

He said the revised EPFO data shows that between September and March 2017-18, EPFO enrolments actually fell by 12.58%, which translates to a fall of 4.95 lakh in absolute terms.

 

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