Senior Congress chief Jairam Ramesh addressing the media at AICC, in New Delhi. File.
| Photo Credit: Sushil Kumar Verma
The Congress on March 24 focused Prime Minister Narendra Modi on the difficulty of falling worth of the Indian rupee against the U.S. dollar, and sought solutions from him.
Congress basic secretary Jairam Ramesh stated the falling worth of the rupee impacts the pocket of each Indian on account of rising gas charges, inflation and better EMIs for loans.
“Before 2014, the BJP would make big claims on the relatively smaller declines in the strength of the rupee. Remember the typically uncouth remarks made by the-then Gujarat CM, linking the rupee’s value and Dr. Manmohan Singh’s age? The rupee’s value fell below the self-proclaimed Vishwaguru’s own age a long time ago,” Mr. Ramesh stated in a put up on X.
“Today, amidst the drastic plunge in the value of the rupee, he is nowhere to be seen,” he stated, asking “ChuppiTodoPradhanMantriji [Break the silence Mr. Prime Minister]”.
The rupee depreciated 48 paise to settle at an all-time low of 83.61 against the American forex on Friday, monitoring a surging buck against main crosses within the abroad markets and weak Asian friends. The rupee had earlier recorded its lowest closing stage of 83.40 on December 13, 2023.
The Congress chief stated “when the BJP came to power in 2014, the price of one dollar to the rupee was Rs 59. Today, the BJP has increased this price from Rs 59 to Rs 84”.
“The weakening of the Indian rupee directly impacts your pocket: The value of the rupee decides at what price we get goods imported from abroad. In 2014, if any goods came from overseas for 1 dollar, we had to pay Rs 59. Today we must pay Rs 84 for that same good worth 1 dollar. The extra Rs 25 we are paying is because of the falling rupee,” he stated.
He stated when items being imported from overseas come to the nation at a better worth, individuals in flip can even get them at a better price.
India imports 80% of its crude oil and should pay for many of it in {dollars}, he stated, including India is now shopping for gas at a better price as a result of weakening of the Indian rupee.
“Every time you go to the petrol pump, the weakening of the rupee is having an impact on your pocket.
“When gas turns into costlier, the price of transporting items will increase. All items, together with meals, have gotten costlier. When you go to the market to purchase groceries, you might be paying larger costs as a result of weakening of the rupee,” Ramesh said.
When inflation increases, the RBI will also raise interest rates to control higher prices, he claimed.
“Due to a rise in rate of interest by RBI, your mortgage EMI will improve. You at the moment are paying extra curiosity to the financial institution when you have a house mortgage, automotive mortgage, or training mortgage, all as a result of of the weakening of the rupee,” the Congress chief added.
