Independent Rajya Sabha member Kapil Sibal on Saturday launched a sharp attack on Prime Minister Narendra Modi over the rupee slipping to a record low against the US dollar, questioning the Prime Minister’s silence on an issue he once highlighted aggressively while in the Opposition.

Sibal said the falling rupee exposed deeper structural weaknesses in the economy and accused the government of failing to ease the hardships of ordinary citizens over the past 11 years. He pointed out that the rupee stood at around 63 to a dollar when Modi assumed office and has now weakened to nearly 92, making imports significantly more expensive.

Sibal argued that India is heavily dependent on imports, including crude oil, medical equipment, telecom hardware and fertilisers, and a weaker currency directly raises costs for consumers. He said the burden ultimately falls on the poor, who are already struggling with unemployment and rising prices.

He questioned the government’s claim of being the world’s fastest-growing economy, stating that high growth figures mean little if people’s lives do not improve. According to him, nearly 80 per cent of Indians survive on a monthly income of less than Rs 5,000 to Rs 10,000, which he described as a “shame” for a country of India’s size.

Sibal said the true purpose of a budget is to reduce pain and increase well-being, especially for the underprivileged, but claimed recent budgets have focused more on benefiting the wealthy. He also criticised the lack of fiscal surpluses, saying the government has not created enough resources to support the poor.

Referring to Modi’s past criticism of the UPA over a weakening rupee, Sibal asked why the Prime Minister was silent now. He suggested that the earlier attacks were driven by political motives rather than economic understanding.

Sibal also noted that India’s per capita income remains far lower than several other emerging economies, arguing that real economic success should be measured by money in people’s pockets, not headline growth numbers.

Falling rupee exposed deeper structural weaknesses in the economy and accused the government of failing to ease the hardships of ordinary citizens over the past 11 years

Kapil Sibal Rajya Sabha member