Shiv Sena MP Sanjay Raut Slams Modi Government Over Rupee Depreciation
Shiv Sena (UBT) MP Sanjay Raut launched a sharp critique against the Narendra Modi-led Union government on Sunday, focusing on the depreciation of the Indian rupee and questioning the Prime Minister's leadership capabilities. Addressing a press conference in New Delhi, Raut highlighted the economic challenges facing the nation, particularly the weakening currency and rising inflation.
Raut Recalls Modi's Past Remarks on Rupee Value
During the press conference, Raut referenced a statement made by PM Modi during his tenure as Gujarat chief minister, where Modi asserted that "when the rupee falls, the country’s credibility and reputation fall." Raut accused the Prime Minister of neglecting this principle, instead prioritizing election campaigning in West Bengal over addressing economic issues.
"There will be a century...Abki baar, 100 ke paar. Where is Modi ji? He is in West Bengal, preparing for President's Rule to defeat Mamata Banerjee. Modi ji and Shah ji are attempting to do 'khela' in West Bengal, and the value of the rupee is declining," Raut stated, as cited by ANI. He further questioned, "Modi ji was saying that when the value of the rupee falls, the country's prestige falls. What is it which is falling now?"
Rupee Decline Linked to Modi's Tenure, Not West Asia Tensions
Raut dismissed the ongoing conflicts in West Asia as a primary factor behind the rupee's depreciation, arguing that the currency has been on a downward trajectory since PM Modi assumed office. "Yes, there is a war today, but there wasn't a war yesterday, was there? The Rupee began its downward spiral precisely when PM Modi became the Prime Minister," he emphasized.
He added, "The government is silent, and it will remain silent. When the Rupee falls, it is not just the currency that declines, but it is the nation's credibility and prestige also fall... Given the way India's economy has faltered and the manner in which the Rupee is plummeting day after day, I feel that Narendra Modi is no longer capable of leading the nation." Raut concluded with a pointed remark, urging Modi to "ab jhola uthao or chale jaiye."
Rupee Falls Below 93 Mark, Economic Pressure Mounts
Raut's comments came after the Indian rupee fell below the 93 mark against the US dollar on Friday, indicating sustained pressure on the domestic currency. This decline has raised concerns about inflationary pressures and economic stability, exacerbated by geopolitical uncertainties in West Asia.
Rahul Gandhi Joins Criticism Over Economic Management
On Saturday, Leader of Opposition in the Lok Sabha and Congress leader Rahul Gandhi also criticized the Centre over the weakening rupee and rising industrial fuel prices amid the escalating conflict in West Asia. In a post on X, Gandhi warned of potential inflationary impacts and accused the Modi government of lacking a concrete economic strategy.
"The rupee weakening against the dollar and heading towards 100, along with a sharp rise in industrial fuel prices--these aren't just numbers; they're clear signals of the inflation to come. The Modi government has neither direction nor strategy--just empty rhetoric. The question isn't what the government is saying--it's what's left on your plate," Gandhi stated.
Forex Traders Cite External Factors Adding Pressure
Forex traders noted that the Indian rupee is facing significant pressure due to surging crude oil prices and a growing shift toward risk aversion, which has dampened investor sentiment. They highlighted that rising geopolitical uncertainties are pushing energy costs higher, a trend that could widen the trade deficit and further fuel inflationary pressures, as reported by PTI.
The combined criticisms from opposition leaders underscore growing concerns about India's economic outlook, with the rupee's depreciation serving as a focal point for debates on governance and leadership amid global and domestic challenges.
