India’s foreign exchange reserves sharply fell in last two years, Rupee down by 17%: Congress

Wednesday, Jun 1, 2016,11:53 IST By metrovaartha A A A

New Delhi | Seeking to puncture claims of Modi government’s achievements on the economic front, Congress has said that the country’s forex reserves have sharply dipped from 323 billion dollars to 261 billion dollars in the last two years.

Party’s senior spokesman Anand Sharma told reporters Tuesday that the dip in the forex reserves indicates that the country has lost four lakh crore rupees in the last two years and this is not a notional loss.

Sharma, a former Commerce and Industries Minister, insisted that the information on foreign investments is wrong. He said that to increase GDP growth, methodology is changed: Rupee has fallen by 17%.

He said that to mislead the people by saying that they have the highest-ever FDI, the government has the definition of FDI changed.

Noting that exports have fallen by 60 billion dollars, he said the Rupee has fallen by 17 per cent.
In reality, our economy is faltering. PM & his govt are completely insensitive to this development. The PM should apoloigise to the country for false promises, he added.

Latest News