Modi’s Economic Narrative Collapses as Indian Rupee Hits Historic Low

The Modi government’s claim of turning India into the world’s third-largest economy is beginning to lose credibility in the face of deteriorating economic conditions.

A historic fall in the value of the Indian rupee during the Gulf conflict has exposed what critics describe as the Modi government’s flawed economic policies.

According to the international financial publication Bloomberg, the Reserve Bank of India was forced to sell nearly $7 billion in an attempt to temporarily halt the rupee’s decline.

Bloomberg reported that the Indian central bank once again took extraordinary measures to support the rupee as it traded close to its lowest-ever level.

Declining Foreign Investment Hits Indian Economy

Indian economist Surjit Bhalla said the sharp decline in foreign investment, caused by the Modi government’s economic policies, had severely affected the Indian economy.

According to Bloomberg, the rupee crisis has become a symbol of growing economic anxiety during the tenure of Prime Minister Narendra Modi, despite his government’s claims that India is becoming the world’s third-largest economy.

The Indian rupee once again reached approximately 95 rupees against the US dollar, placing it just 1.3 percent away from its historic low, Bloomberg reported.

Government’s Economic Figures Questioned

Indian economist Dinesh Vohra said the country’s current economic situation had exposed the questionable figures presented by the Modi government while promoting claims of economic prosperity.

Critics allege that Prime Minister Modi is using billions of dollars from Indian taxpayers to conceal the failures of his government’s economic policies over the past 12 years.