Prime Minister Narendra Modi is once again busy in preparing for his re-branding after 10 years. Recently, he gave a two-hour long interview to Nikhil Kamath, co-founder of Zerodha Broking Firm. Nikhil Kamath is considered to be India’s George Soros, while the BJP’s IT cell calls George Soros a conspirator. The weakening of the rupee against the dollar was also a major reason behind the Congress’s bad run in 2014.
During the UPA government led by Dr. Manmohan Singh, when the value of one dollar had reached Rs 62.33, it was being claimed that when Modi became the Prime Minister, the rupee would be restored and the dollar would be worth Rs 40. During the tenure of this powerful BJP leader, the rupee has fallen to Rs 86.56 against the dollar and economic experts believe that it can go up to Rs 90 and even Rs 100. The rupee is depreciating by 10-20 paise against the dollar every day.
Nowadays, a speech by the then Gujarat Chief Minister Modi is being widely shared on social media, in which he had said that the way the dollar is getting stronger and the rupee is getting weaker, India will not be able to survive in world trade. Our traders will not be able to survive in the international arena, but the central government is not giving any response. It was not only the corporate lobby of Mumbai and Gujarat that united to make Modi the Prime Minister, godmen like Baba Ramdev and Sri Sri Ravi Shankar were also jumping into the fray.
On March 21, 2014, Sri Sri Ravi Shankar created a sensation in the entire country by claiming on Twitter that it is a pleasant feeling to know that the rupee will strengthen to Rs 40 per dollar if Modi comes to power. These godmen are not seen making political statements these days. Baba Ramdev has now become Lala Ramdev, whose companies have been registered in the stock market. Sri Sri Ravi Shankar’s condition is also such that he is not ashamed of seeing the depreciation of the Indian rupee. Both of them should apologize to the country, because crores of religious people had trusted their words. In 2024, the Reserve Bank of India made all efforts to stop the depreciation of the rupee. It dumped a lot of dollars from its foreign exchange reserves into the market. As a result, the bank was successful in preventing the rupee from reaching 83 against the dollar for a few months, but its impact was seen in the form of a record decline in foreign exchange reserves. The bank’s data on January 3 shows that India’s foreign exchange reserves have fallen to a 10-month low of $634.59 billion. Foreign investors were also worried about the trend of trying to hide the real value of the Indian currency to make the rupee appear stable. As a result, foreign investment has been flowing out of the country at a record level for the last few months. Due to the weakening of the rupee and the strengthening of the dollar, foreign investors had withdrawn Rs 22,194 crore in just one and a half weeks of January. The Indian stock market is also in a decline. Crores of small investors in the country are being rapidly destroyed, but the Prime Minister is only concerned about winning the Delhi Assembly elections.
