Sibbal attacks govt over record Rupee depreciation
New Delhi | Desk: Former Union Minister and Rajya Sabha member Kapil Sibal has launched a scathing attack on Prime Minister Narendra Modi over the Indian rupee's record low of 92 against the US dollar. In an interview with PTI just before the Union Budget, Sibal questioned the Prime Minister's silence, calling it "political compulsion rather than economic reality."
He recalled that during the UPA regime, when the rupee was falling, Modi used it as a "political game," but now that the rupee has fallen from 63 to 92 during his tenure, he is completely silent.
Sibal described the budget concept as "utilitarian," saying its primary objective should be to alleviate the suffering of the poor and increase their prosperity, but given the track record of the past 11 years, he has no such expectations from the current government.
He alleged that the government is short of resources because it has failed to generate a surplus in the last decade. According to Sibal, India is an import-dependent economy, where the weakening of the rupee is driving up the prices of essential commodities like crude oil, fertilizers, medical equipment, and telecom hardware, directly impacting the pockets of the common man and the poor.
Expressing concern over the country's economic situation, the independent MP said that growth rates alone do not reflect the reality. He argued that India's per capita income, at around $2,800, is significantly lower than that of countries like Brazil, China, and South Africa.
He said the real challenge is that 80 percent of the country's population survives on between 5,000 and 10,000 rupees per month. Responding to President Draupadi Murmu's call for a "developed India," Sibal said that without communal harmony and taking the opposition into confidence, it is impossible to make the country economically strong.
