Centre has pushed country into crisis: TNCC chief on rupee crash

CHENNAI: With the rupee plunging to Rs 90 per US dollar, its sharpest decline in recent history, India is facing a severe economic setback under Prime Minister Narendra Modi’s rule, said TNCC chief K Selvaperunthagai.

Selvaperunthagai sharply criticised the BJP-led Union government, claiming that India’s economic foundation has weakened dramatically since 2014. He said the rupee crashing is a clear indicator of mismanagement and fiscal irresponsibility under Modi’s leadership.

He contrasted the current economic situation with the decade long UPA rule under Dr Manmohan Singh, during which he said India experienced stable and inclusive growth. In comparison, he argued, the last 11 years of BJP rule have pushed the country toward severe financial distress.

The TNCC chief said India’s rupee is now considered one of the worst performing currencies in Asia. He blamed the Centre’s failure to respond to former US President Donald Trumps 50% import tariff, which, he said, has badly hurt exports and pushed the trade deficit to an unprecedented US$ 41.7 billions.

Modi government is ‘an administration against the poor’, failing to create jobs, reduce poverty, or strengthen the economy, he said.