CM hits out at Cong for fall in rupee at bullion summit

Narendra Modi hit out at the Union government for the fall in rupee and the methods implemented by it to combat the situation.

Written by Express News Service | Ahmedabad | Published: October 6, 2013 4:50 am

Criticising the policies of the Congress-led government at the Centre,particularly relating to import and exports,Chief Minister Narendra Modi hit out at the Union government for the fall in rupee and the methods implemented by it to combat the situation.

Modi was addressing the India International Bullion Summit,an event organised by Bombay Bullion Association,in Mumbai through video conferencing from Gandhinagar on Saturday.

He accused the Centre of making weak excuses on price rise and rupee falling. “What has happened to the Centre I do not understand. They said rupee is falling due to imports so they said shut down petrol pumps at night. For rising prices what kind of excuses they make — the north is consuming rice,the south is consuming wheat!”

Modi also spoke against the “drawbacks” of Central control in this sphere,under the previous regimes from the time of 1947 till 1990s. He also said that due to the Gold Control Act,the skills of our goldsmiths took a beating,which is unfortunate and further said that the biggest loss for a nation is when it loses its skills.

Modi added that due to these policies,gold smuggling has became a very big issue; gangs have emerged and anti-social activities have risen. “Nobody knew that the Gold Control Act would have such an effect on the society,” he said

Modi maintained that while making policies on gold,the considerations cannot be economical alone. A policy-maker must also ensure that the common man does not feel disconnected by it. Modi also pointed out that even an RBI report noted that buying gold was not simply a matter of economics but also that of the mind of the people. “If the government thinks that by imposing duty,the buying of gold will reduce,they are wrong and even the RBI said it,” he added.

Speaking to traders about the Congress prime ministers’ policies,Modi exclaimed,“There has been so much of centralisation of policies from the very beginning! Jawaharlal Nehru introduced it,Indira Gandhi continued. It was only Narsimha Rao who realised it should change.”

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