Congress Reacts as PM Plans to Push Rupee to a Century -

“Shrinate Shares Pie Chart on Rupee Depreciation Under Various PMs”

In a sharp critique of Prime Minister Narendra Modi, Congress spokesperson Supriya Shrinate on Friday condemned the ongoing fall of the Indian rupee against the US dollar, claiming it had depreciated by a staggering 50 percent over the past decade. Shrinate added that the prime minister seemed intent on making the rupee “hit a century” — a metaphor for the continued decline in value.

At a press conference, Shrinate made her point more emphatically by holding a magnifying glass, claiming she had lost track of just how dramatically the rupee had fallen, paralleling the decline in the dignity of Prime Minister Modi and his office. She referred to a previous statement by the Prime Minister, where he had linked the falling value of the rupee to the diminishing dignity of the office of the Prime Minister.

“I wonder what Mr. Modi has to say now, as his own policies have brought the rupee to an alarming low,” Shrinate remarked, reflecting Congress’s growing concern over the economic situation. The scathing attack emphasized the party’s discontent with the current government’s handling of the nation’s economy, especially with regard to the weakening currency.

At a press conference held at the All India Congress Committee (AICC) office on 24, Akbar Road, Congress spokesperson Supriya Shrinate launched a blistering attack on Prime Minister Narendra Modi over the continued fall of the Indian rupee. She pointed out that when Modi assumed office, the rupee was valued at 58 to a dollar, but now it is hovering around 87 to a dollar — a sharp 29-point decline, representing a 50 percent fall in the rupee’s value over the past 10 years.

“It seems like the Prime Minister has made up his mind to make the rupee hit a century,” Shrinate remarked, underscoring the alarming depreciation of the currency.

In addition to criticizing the PM, Shrinate raised concerns about the government’s approach to managing the currency crisis. She questioned whether the Centre had any concrete plans to revive the rupee and asked for clarification on how long the government would continue to deplete India’s foreign exchange reserves in an effort to control the rupee’s slide.

At the press conference, Congress spokesperson Supriya Shrinate continued her sharp critique of Prime Minister Narendra Modi, highlighting the rupee’s depreciation. “Today, the rupee is playing hide and seek with 87,” Shrinate quipped, adding that the currency seemed to be “running away” while Prime Minister Modi stood behind, making lofty claims. “He shouts slogans like ‘This time 60 paar, 65 paar, 70 paar, 75 paar, 80 paar, 85 paar’… Now, we will make 87 paar also. Narendra Modi has decided he will ensure the rupee hits a century.”

Shrinate’s comments were aimed at mocking the PM’s handling of the currency crisis, emphasizing the government’s failure to halt the rupee’s dramatic fall.

In a further jab, Shrinate suggested that if Prime Minister Modi were to be questioned about the rupee’s decline, he could likely blame India’s first prime minister, Jawaharlal Nehru, as part of his usual deflection tactics.

To support her argument, Shrinate also shared a pie chart that illustrated the extent to which the rupee had fallen during the tenures of various prime ministers over the years, reinforcing her claim that the current administration has overseen one of the steepest depreciations in India’s history.

Supriya Shrinate, during her press conference, also took a historical approach to highlight the rupee’s depreciation over the decades. She pointed out that when the British left India, the value of one US dollar was just Rs 3.31. She further emphasized that under the leadership of India’s first prime minister, Jawaharlal Nehru, the rupee fell by only 2 percent over 17 years.

She noted that there was no significant depreciation of the rupee during Lal Bahadur Shastri’s tenure. However, Shrinate claimed that when Indira Gandhi became prime minister for the first time, the rupee depreciated by 5 percent. A similar decline of 5 percent occurred during her second tenure as well. The rupee also depreciated by 6 percent during Rajiv Gandhi’s tenure, as well as during the brief one-year tenure of VP Singh.

By citing these figures, Shrinate sought to contrast the relatively moderate decline of the rupee under past leaders with the dramatic fall under the current government, underscoring Congress’s criticism of Modi’s handling of the country’s currency.

Supriya Shrinate also referred to the economic challenges faced by former Prime Minister P.V. Narasimha Rao in the early 1990s. She highlighted that when Rao took office, the Indian economy was in a dire state, necessitating major reforms in 1991. Despite the tough circumstances, she noted that during his tenure, the rupee depreciated by 17 percent, reflecting the broader economic difficulties the country was grappling with at the time. Shrinate used this example to further underscore the gravity of the current rupee crisis under Prime Minister Modi’s leadership, suggesting that even during periods of significant economic turmoil, previous governments had managed more controlled depreciation.

Supriya Shrinate continued her historical analysis of the rupee’s trajectory, emphasizing the tenure of former Prime Minister Atal Bihari Vajpayee. She stated that during Vajpayee’s time, the rupee crossed the 45 mark in six years, and his contribution to the overall decline in the rupee’s value was around 11 percent.

Shrinate also praised Dr. Manmohan Singh’s leadership, noting that when he assumed office in 2004, the rupee was at 45 to a dollar. However, by 2007, Singh had managed to strengthen the rupee, bringing its value down to 41 against the dollar. This, she argued, highlighted the contrast between previous governments’ management of the currency and the current administration’s handling of the rupee’s decline.

Supriya Shrinate continued to highlight the comparative strength of the rupee under previous governments. She referred to the global financial crisis and economic downturn of 2008, during which the Indian rupee fell to just 48 against the US dollar. Shrinate emphasized that despite this global crisis, the rupee did not experience a sharp decline.

She also pointed to the 2012 “taper tantrum”—a time when emerging market currencies saw significant depreciation. During this period, the rupee fell from 58 to around 69 against the dollar. However, Shrinate pointed out that within just four months, the Congress-led government managed to recover the rupee, bringing it back from 69 to 58, demonstrating effective management of the currency crisis.

Shrinate used these examples to illustrate the Congress party’s past successes in stabilizing the rupee in times of global economic turbulence, contrasting it with the current government’s inability to address the rupee’s steady decline.