Congress president Mallikarjun Kharge on Tuesday accused the Narendra Modi government of being “unable to arrest the steep slide” of the rupee and that “the people of India are suffering the massive repercussions of this rank incompetence.”
Apart from the slide of the rupee, Kharge cited a few other examples to buttress his charge, articulated on his X (Twitter) handle.
“Our Forex Reserves have fallen to 10-month low. Massive withdrawal of Foreign Capital from Indian equities 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 Middle Class. Widening India's Trade Deficit due to rising import costs and stagnant exports, has impacted Balance of Payments and weakened our economy,” he added.
“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!” Kharge alleged.
He also took potshots at Narendra Modi’s first podcast with Zerodha co-founder Nikhil Kamath, in which the prime minister said his risk-taking capacity had not been fully tested.
“People have already suffered enough from your “risk-taking capacity” and want the Indian Economy to be saved from your disastrous policies!” Kharge signed off.
The internet has been abuzz with quips and memes about the freefall of the Indian currency and the stock-market meltdown.
