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Devaluation of Rupee in Congress Era (2009-2014)

Contribution of Congress Ministers and the party in ruining Indian economy and devaluation of Rupee :

1) Short Selling of Currency: No action has been taken by the authorities for checking short selling of currency. This is because the ministers along with their kins are themselves indulged in short selling thereby devaluing rupee. The profit earned will be used for the coming general elections.

2) Pressure on RBI to not carry out Open Market Operation : India has a reserve of 277 billion dollars. If 20 billion dollars are infused into the market in a single day through Open Market Operations, the rupee will be back at 45 a dollar within a week. But this will ruin those indulged in Short Selling i.e Congress Ministers and their kins. So, there is a pressure on RBI to not carry OMOs.

3) Forward Trading in Agricultural Products : This has been allowed to invest black money. Goods thus purchased are hoarded which results in an upsurge in food inflation. Onion prices is a classic example of this effect.

4) No action on black money and allowance of its round tripping through Mauritius route by the use of Participatory Notes.

FDI and other international dimensions have a very little role to play in sliding GDP and devaluation of Indian Rupee. This is how they befool us. All their black money is in dollars kept in safe havens. Devaluation of Rupee will be an added dividend for them in the coming elections.

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