New Delhi: The Indian National Congress has launched a sharp attack on Prime Minister Narendra Modi over the dramatic fall of the Indian rupee, which has slid past 86 against the U.S. dollar. Congress General Secretary Jairam Ramesh highlighted the alarming depreciation, contrasting it with the rupee’s value of 58.58 when Modi first assumed office in 2014.
As PM Modi approaches his 75th birthday, Ramesh pointedly recalled Modi’s past remarks where he linked the rupee’s performance to the age of former Prime Minister Manmohan Singh. Ramesh suggested that the current economic downturn exposes the flaws in Modi’s economic policies.
The rupee’s steep fall, reaching a record low of 86.59 on January 13, 2025, has been attributed to global pressures, including a surging U.S. dollar and escalating crude oil prices. This decline marks the currency’s most significant drop in nearly two years, triggering widespread concerns over mounting currency risks and the broader stability of India’s economy.
The Congress party’s criticism has intensified the political debate, emphasizing how economic challenges are now reflecting poorly on the Modi government’s fiscal management. As global market volatility persists, all eyes are on how the government will address the sliding rupee and its impact on the Indian economy.
