Losing money and losing face-problems of the Modi government

By: Talat Mohsin

Before BJP came into power and Narendra Modi became the prime minister in 2014, they severely criticized the Manmohan Singh led Congress government for the poor performance of the rupee in their rule. But now, when the situations have reversed, the same people are nowhere near commenting on this issue.

In 2014, before their tenure began, the rupee was around ₹60. Last October the currency had touched the 74 rupee mark. At the present time, the rupee has hit INR 71.80 against the American dollar. The currency is set for its worst monthly loss in six years and some analysts have forewarned of more bad days to come. The rupee has weakened by a little over 4% since mid-July and on Friday reached the 72-mark before retracing it’s steps. It has emerged to be the worst-performing currency of Asia this year. Some analysts have also claimed that the 75 rupee mark is not very far now. The right-wing supporters, who were very vocal in their criticism of the Congress, are now mute on the current developments of the rupee.

The falling rupee has also turned into a Twitter trend. Twitterati has been taking digs at the PM by using hashtags such as #ModihHaiTohMandiHai and RupeeVsDollar. People have also not spared the BJP supporters who were the most vocal about the condition under the previous government.

He’s being severely criticized for the liquidity crunch, poor economic conditions of the country, increasing unemployment and the highest FPI outflows in the market.

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