The Opposition went ballistic against the Government on Wednesday, as rupee slid to an all-time low of `68.80 against the US dollar — down 256 paise from Tuesday — sending shockwaves across the Dalal Street and ripping through the confidence of the investors, both domestic and foreign.
The BJP reiterated that the Manmohan Singh regime has run out of ideas and it was time for it to quit.“I have been saying that the only thing that will stabilise rupee and market at this point of time is for the Government to resign and go for fresh elections,” BJP leader and former Finance Minister Yashwant Sinha told reporters.
“Indian economy under Manmohan Singh is on ventilator in the ICU. It is happening because of big Current Account Deficit and the fiscal deficit, and complete lack of trust of investors in the present ruling establishment,” BJP’s deputy leader in Rajya Sabha Ravi Shankar Prasad said.
Party spokesman Syed Shahnawaz Hussain also took a jibe at the economist Prime Minister by asking why he was not considering quitting his post if he was not able to arrest the slide of the rupee. “The Indian Economy under the Economist PM is in a mess. If the PM is unable to handle this situation, why hold on to the officeIJ”
The CPI feared the country could be headed towards an “economic emergency-like” situation and claimed speculators were having a heyday. “Government is not showing political will to contain the situation,” CPI MP Gurudas Dasgupta.
CPM’s Rajya Sabha member Sitaram Yechury said, “Dollar growing is actually due to the rich parking their money in foreign currencies because they seem to have lost faith in Indian economy, whose domestic demand is not growing.”
“What is required is to stop these incentives for the rich. You are giving these incentives of more than Rs 5 lakh crore every year in terms of tax concessions. These incentives are making the rich park their money in gold, forex and real estate. Stop these incentives and invest this money to build infrastructure that will generate jobs,” he suggested.
Trinamool Congress alleged people’s confidence has been shaken due to the economic mismanagement by the UPA Government and claimed that the rupee slid further after passage of the Food Security Bill.
“Falling of the rupee is a matter of grave concern. In fact, in one and half years from February, 2012, it has fallen by 20 points to 68,” TMC MP Saugata Roy said, adding, “The Central Government which has been in power for nine years with the same Prime Minister cannot deny its responsibilities.”
TMC’s chief whip in Rajya Sabha Derek O’Brien wrote on Twitter, “Newton watched the apple fall but at least he discovered gravity. The UPA is watching the rupee fall but it is oblivious to gravity.”