Modi blames UPA govt's inaction for falling rupee

Gujarat CM says central leadership is only interested in saving its chair

Blaming the Congress-led UPA government's inaction for rupee depreciating against dollar, Gujarat Chief Minister Narendra Modi on Tuesday claimed that Central leadership was directionless with only interest in saving its seat of power.

Speaking on sidelines of a function in Gandhinagar, Modi took a dig at the Centre over prevailing economic crisis in the country and describing it as a mess created by the union government.

"The country today faces an economic crisis of unimaginative proportion. We have faced crisis. But when the leadership is directionless and helpless the situation becomes more disappointing and severe," Gujarat chief minister told reporters.

He said that despite the crisis and overwhelming disappointment among people against the present government there were no indication of hope or any initiative to overcome the financial crunch.

The Indian rupee continued its slide on Tuesday morning, breaching the 64-mark against dollar by falling 98 paise to trade at a record low of 64.11 on persistent dollar demand and a weak opening in the domestic equity market. The domestic currency had on Monday recorded the decade's worst single-day fall of 148 paise to close at record low of 63.13 against the dollar in the previous session.  

Modi blasted at the Congress-led government and claimed, "It is county's misfortune that the union government is neither concerned about national security nor the depreciating rupee. Only thing that the Central government is worried about is how to save its chair (remain in power)." He further said that it seemed unlikely that UPA government would be able to think of some way to curb the falling rupee against dollar.

The BJP's likely prime ministerial candidate also blamed the government inaction in handling the crisis which had made the country vulnerable against global economies which would take maximum advantage of the situation here.

"For the last five years, every three months, we have been hearing from the Centre that prices will come down and inflation will be controlled but nothing has happened," Modi said.