What Happened to the Prime Minister's

With the Indian rupee at an all-time low and the country’s foreign exchange reserves on the slide, the TMC attacked the Centre for alleged financial mismanagement on Friday, saying Prime Minister Narendra Modi should either take action to improve the economy or stand down.

Sukhendu Sekhar Ray, a TMC national spokesman, claimed the BJP government’s motto of ‘Sabka Sath, Sabka Vikas’ (everyone along, development for all) had morphed into ‘Sabka Sath, Sabka Sarwanash’ (Taking along everyone, a debacle for all).

The BJP retaliated quickly, accusing the TMC of forcing West Bengal into a “debt trap.”

Mr. Ray, speaking to reporters, said, “Since independence, the nation has never faced a crisis like this. The nation seems to be on the verge of economic collapse due to the BJP government’s disastrous policies. Financial mismanagement is to blame.”

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On Friday, the rupee gave up its early gains and finished 5 paise down versus the US dollar at 77.55, a new lifetime low, as inflation fears and the strength of the US currency weighed on the local currency.

“The rupee has reached a new low. It will have a cascade impact on all aspects of the economy: import costs will rise, and manufacturing will suffer. It will also affect inflation, which is now at an all-time high, “he added.

Mr. Ray questioned if the Union administration had a strategy to reverse the fall in the country’s FX reserves.

“The Union Finance Ministry has no idea how to deal with the problem. There does not seem to be any relief in terms of Union government initiatives in the foreseeable future. “Sabka Sath, Sabka Vikas” has morphed into “Sabka Sath, Sabka Sarwanash,” according to the TMC MP.

According to Reserve Bank of India (RBI) statistics issued on Friday, India’s forex reserves fell by USD 1.774 billion to USD 595.954 billion on May 6 due to a drop in core currency assets.

“If the prime minister cannot deal with the crisis and take actions to restore the economy, he should resign immediately. The nation has endured economic mismanagement for the last eight years, “Mr. Ray said.

The BJP, on the other hand, slammed Roy and told him to reserve his counsel for the TMC-led government in West Bengal, which is “responsible for the state’s dire economic situation.”

“TMC leaders are counseling the Union government on economic mismanagement, which is amusing. The Centre is taking all of the necessary actions. The truth is that the TMC administration has led the state into a debt trap over the previous 11 years due to its erratic economic policies, “Samik Bhattacharya, a BJP state spokesman, stated.