BJP raises concern over depreciating rupeeMay 16th, 2012 - 8:08 pm ICT by IANS
New Delhi, May 16 (IANS) Bharatiya Janata Party (BJP) leader Murli Manohar Joshi Wednesday raised concerns over the depreciating value of the rupee against the dollar and questioned if the government was intentionally working to make the dollar stronger.
“The dollar is depreciating all over the world but why is it appreciating against the rupee. Is our government taking steps to make the dollar stronger,” Joshi asked.
The opposition leader also accused the government of not being willing to speak on the issue in the house.
“The government is avoiding the issue,” he said questioning the government’s concern over the economic situation.
Speaking on the same issue in the Lok Sabha earlier, Joshi expressed fear that there could be a repeat of 1991, when India saw a severe balance of payments problem and even had to mortgage gold.
“The crisis in our economy is growing. Are we heading towards 1991,” Joshi said raising the issue during zero hour in the lower house.
The rupee took a severe beating Wednesday, touching a record low of 54.46 vis-a-vis the dollar after a spurt in capital outflow and problems in bourses over the Euro zone crisis.
Tags: balance of payments, bourses, capital outflow, economic situation, economy, euro zone, fear, gold, India, Lok Sabha, manohar joshi, mortgage, New Delhi, opposition leader, rupee, spurt, taking steps, zero hour