85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
In a veiled attack on those cirticising the economy, Prime Minister Narendra Modi on Wednesday said there was an urgent need to “recognise” those people who can’t sleep at night without “spreading a feeling of pessimism all around”.
Addressing the Company Secretaries at inauguration of Golden Jubilee Year of ICSI at Vigyan Bhawan in the national capital, Modi said: “There are some people who sleep well only after spreading a feeling of pessimism all around. We need to recognise such people.”
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In an article published in a daily on 27 September, senior BJP leader and former finance minister Yashwant Sinha had teared into Modi government’s handling of the economy, warning of more turbulence and the possibility of a hard landing.
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“After achieving average growth of 7.5 per cent over 3 years, we accept that growth rates came down April-June but the government is committed to reverse it,” he said.
He further said that after demonetisation the cash to GDP ratio has come down to 9 per cent and before 8 November, 2016, it was 12 per cent.
“The inflation rate was over 10 per cent in the previous government, now the present government has brought it down to 2.5 per cent,” he said.
The prime minister further said that the steps being taken by the government will place India in a new league of development in the years to come.
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