‘Don’t see Sri Lanka taking place in India’: Yashwant Sinha

By Express News Service

BHOPAL: Ruling out an financial disaster much like Sri Lanka taking place in India, former union finance minister and opposition events’ presidential election candidate Yashwant Sinha mentioned on Thursday that the galloping depreciation of the Indian Rupee to the US Dollar is very alarming and regarding.

“I don’t see a situation similar to Sri Lanka happening in India, as our economy isn’t dependent on just a few industries like Sri Lanka. The tourism industry on which the Sri Lankan economy was largely dependent, suffered a huge jolt due to the COVID-19 pandemic, while the Sri Lankan tea market too was adversely hit. I don’t see similar things happening in India, as our economy isn’t just based on a few industries,” Sinha informed journalists in Bhopal on Thursday.

He, nevertheless, added that what’s regarding is the continual decline within the Indian Rupee to the US Dollar.

“Never have I seen such steady depreciation in the value of the rupee as it’s happening presently. During the tenure of the present Prime Minister, the Indian Rupee has suffered the steepest fall against the US Dollar, from 58.44 in 2014 to 79.86 as I speak. This has badly hit the common people reflected through an unprecedented increase in prices of essentials, like the LPG gas cylinder, which was priced at Rs 410 in 2014, but has risen by around 300 per cent to Rs 1129 presently.”

“What is even more worrying is the fact that our robust foreign exchange reserves are fast depleting. “Till a few days ago, our country’s huge foreign exchange reserve was pegged at 641 Billion Dollars, but the RBI has had to spend 45 Billion Dollars out of that to save the sliding rupee. I’m only hoping that the global conditions don’t become such that there is a run on the rupee. As far as I know, you can never fight the market, if the market is determined to take Rupee’s value to 85 to one US Dollar, then you can’t fight it. We’re faced with a crisis situation, where our huge foreign exchange reserves are depleting very fast,” Sinha maintained.

While talking about his opponent within the presidential election, the NDA candidate Droupadi Murmu, the previous union minister mentioned, “There is nothing in the President’s post, why doesn’t PM Modi appoint her the country’s Prime Minister.”

He additional mentioned, “If the BJP management was so dedicated to tribal empowerment, why didn’t they select a tribal chief for the presidential election from Madhya Pradesh, which has the most important tribal inhabitants within the nation.”

BHOPAL: Ruling out an financial disaster much like Sri Lanka taking place in India, former union finance minister and opposition events’ presidential election candidate Yashwant Sinha mentioned on Thursday that the galloping depreciation of the Indian Rupee to the US Dollar is very alarming and regarding.

“I don’t see a situation similar to Sri Lanka happening in India, as our economy isn’t dependent on just a few industries like Sri Lanka. The tourism industry on which the Sri Lankan economy was largely dependent, suffered a huge jolt due to the COVID-19 pandemic, while the Sri Lankan tea market too was adversely hit. I don’t see similar things happening in India, as our economy isn’t just based on a few industries,” Sinha informed journalists in Bhopal on Thursday.

He, nevertheless, added that what’s regarding is the continual decline within the Indian Rupee to the US Dollar.

“Never have I seen such steady depreciation in the value of the rupee as it’s happening presently. During the tenure of the present Prime Minister, the Indian Rupee has suffered the steepest fall against the US Dollar, from 58.44 in 2014 to 79.86 as I speak. This has badly hit the common people reflected through an unprecedented increase in prices of essentials, like the LPG gas cylinder, which was priced at Rs 410 in 2014, but has risen by around 300 per cent to Rs 1129 presently.”

“What is even more worrying is the fact that our robust foreign exchange reserves are fast depleting. “Till a few days ago, our country’s huge foreign exchange reserve was pegged at 641 Billion Dollars, but the RBI has had to spend 45 Billion Dollars out of that to save the sliding rupee. I’m only hoping that the global conditions don’t become such that there is a run on the rupee. As far as I know, you can never fight the market, if the market is determined to take Rupee’s value to 85 to one US Dollar, then you can’t fight it. We’re faced with a crisis situation, where our huge foreign exchange reserves are depleting very fast,” Sinha maintained.

While talking about his opponent within the presidential election, the NDA candidate Droupadi Murmu, the previous union minister mentioned, “There is nothing in the President’s post, why doesn’t PM Modi appoint her the country’s Prime Minister.”

He additional mentioned, “If the BJP management was so dedicated to tribal empowerment, why didn’t they select a tribal chief for the presidential election from Madhya Pradesh, which has the most important tribal inhabitants within the nation.”