Congress leader Jyotiraditya Scindia yesterday took to Twitter saying that India’s forex reserves have fallen to an over 7 month low at $402.7bn (Aug 3), having dipped $1.49bn over just July’s last week. He furthered his agenda by saying that with rising trade deficit and crude oil prices, the worsening situation of the Indian economy at hands of current government is evident.
India’s forex reserves have fallen to an over 7month low at $402.7bn (Aug 3), having dipped $1.49bn over just July’s last week. With rising trade deficit and crude oil prices, the worsening situation of Indian economy at hands of current govt. is evident.https://t.co/RJSIopZMaT
— Jyotiraditya Scindia (@JM_Scindia) August 11, 2018
Quite intelligently though, he substantiated his comment referring to an article reported by The Indianexpress, which read that ‘India’s foreign exchange reserves fell to over 7-month low of $402.7 billion in the week ended August 3’. But surely Jyotiraditya Scindia in his haste to belittle the government forgot to read that the article also mentioned the fact that India’s forex reserves have hit an all-time high of $426.08 billion in the week to April 13.
Nevertheless, Twitter users were prompt in fact-checking the Congress leader, not leaving this opportunity though, to poke fun at the Congress party. Twitter user Spaminder Bharti was quick to identify that the Indian Forex reserves were higher still by around 30% since the BJP gained power, outflanking the Congress in 2014.
India’s forex reserves when UPA was booted out was USD 313 billion. Even at 7 month low of USD 402 billion, it’s ~30% more than what you guys left. All dynasts in Congress are Pappus. ? https://t.co/nuOXm8uN5C
— Spaminder Bharti (@attomeybharti) August 11, 2018
An analysis of RBI data shows that India’s foreign exchange reserves have grown by $63 billion between May 24, 2014, when Narendra Modi was sworn in as Prime Minister, and May 5, 2017, handsomely outstripping the $52 billion increase between May 22, 2009, and May 23, 2014, under the rule of UPA Prime Minister Manmohan Singh.
Jyotiraditya Scindia, the Madhya Pradesh Congress leader, is no stranger to controversies. Not long back, the self-styled Janeudhari President Rahul Gandhi’s close aide, Scindia had stirred a controversy after a video had gone viral where he was seen throwing away a coconut which was given to him by his party workers.
Ahead of the Madhya Pradesh state elections, despite Congress trying hard to project a united front against the incumbent BJP, it was reported that all is not well in the party with Scindia getting into a poster war with another Congress bigwig, Kamal Nath, who had recently written a letter to Lord Shiva to help MP defeat BJP.
Another video had surfaced earlier where Scindia seemed to be unhappy about a woman Congress member sharing the stage with him and asks her to step down created enough ripples to embarrass the Congress party ahead of the state elections in Madhya Pradesh.