New Delhi [India], January 13 (ANI): Bharatiya Janata Party chief Amit Malviya praised the ‘resilience’ of the Indian rupee, crediting improved financial administration below the Modi authorities for making it “one of the most stable currencies globally.”In a publish on X, he wrote, “The rupee today stands among the most stable currencies in the world–and that is no coincidence.”Malviya highlighted key metrics, akin to India’s “reduced current account deficit, strong foreign exchange reserves, and restrained external debt growth,” which he stated have contributed to the rupee’s stability regardless of world challenges.
“India’s improved external position, reduced current account deficit, and strong foreign exchange reserves have made the rupee one of the most stable currencies globally. Over the past year, even as the US Dollar Index surged by 9.8 per cent, the rupee depreciated by a modest 3.68 per cent, outperforming major currencies like the Japanese Yen and Korean Won, which fell by 9 per cent-12 per cent during the same period,” Malviya said.
The rupee’s resilience was much more evident when in comparison with the UPA authorities’s tenure, he asserted, emphasizing that the Indian foreign money depreciated by 36 per cent between 2011 and 2013.
Malviya attributed the rupee’s vulnerability through the UPA period to “reckless external borrowing,” which grew at over 21 per cent yearly, leaving the foreign money “exposed to global shocks.”He contrasted this with the Modi authorities’s “fiscal prudence,” which he stated, restricted exterior debt development to simply 4.5 per cent yearly, guaranteeing better financial stability.
Citing the US Federal Reserve’s tapering bulletins as examples, Malviya identified the stark distinction within the rupee’s response.
In 2013, following the Fed’s tapering sign, the rupee depreciated by 14.9 per cent inside 4 months, reflecting what Malviya referred to as “policy paralysis” below the UPA regime. In distinction, after an identical announcement in 2021, the rupee declined by solely 0.7 per cent over the identical interval, showcasing India’s stronger financial foundations, he stated.
Malviya additionally highlighted that the rupee has strengthened towards non-dollar currencies just like the Euro and Canadian Dollar, a state of affairs he described as “unheard of in 2013.” Despite ongoing geopolitical tensions and excessive US rates of interest, India has prevented a foreign money disaster, a testomony to prudent financial administration and strong fundamentals, he asserted.
“So, the next time someone paints a grim picture of the Indian rupee, remind them of its disastrous performance under the UPA and the remarkable turnaround under the Modi government. The rupee today stands among the most stable currencies in the world–and that is no coincidence,” the BJP chief additional added. (ANI)