19:28 GMT05 June 2020
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    New Delhi (Sputnik): Over the last few days, Indian currency has been facing rough waters due to multiple factors including the spread of the China-originated Wuhan coronavirus and the central bank’s decision to supersede the board of directors of Yes Bank, a private lender.

    Rahul Gandhi, an Indian lawmaker from the country's main opposition Congress party, on Thursday slammed the ruling Bharatiya Janata Party (BJP), blaming it for the nation's economic slowdown.

    The criticism comes as Indian stock markets and the country's currency -- the rupee -- are taking a severe beating against the US dollar.

    Gandhi, the former chief of the Congress party, stated that the central problem is that "our biggest strength which was our economy has now become a huge weakness".

    “The stock market has lost millions. The economy is in a bad state. A few days ago I spoke about the risk of coronavirus on the economy. In 2008, there was a similar shock wave. The Indian economy was protected by our policies," he stated. 

    Blaming the Narendra Modi government for the slowdown, Gandhi said "everyone can see what is happening to the stock market. The economy has been destroyed by Modi government".

    ​Speaking of the Yes Bank crisis, Gandhi remarked over a government action in which the country's central RBI bank suspended the private bank's board; “You’re taking legitimate money from the State Bank of India and trying to save Yes Bank. I am seeing a monumental tragedy unfolding here.”

    “PM should explain what his strategy is to get us out of this mess. I have tweeted in the past few months regarding coronavirus, post which the Govt got into some action,” he added. 

    Ghandi suggested that his criticisms are "the beginning of a tsunami, things will get worse while the Prime Minister Modi is not speaking a word on the economy, while Finance Minister Nirmala Sitharaman does not even understand the economy”.

    On Thursday, some $147.16 billion of investment value was wiped out as Indian bourses participated in the biggest intra-day fall in the nation's history. Incessant selling gripped both Bombay Stock Exchange’s Sensex and National Stock Exchange’s Nifty, which fell 2919 points and 868 points, respectively.

    The coronavirus has caused fear in India after at least 73 have have tested positive for the virus.

    Related:

    Senior Functionary of Indian Opposition Congress Party Resigns Amid Rumoured Bid to Join Ruling BJP
    India's Yes Bank: A Saga of Failure Caused by Governance Issues, Risky Credit
    Prolonged Economic Slowdown in India Has Nearly Bottomed Out - Survey
    Tags:
    economic slowdown, COVID-19, coronavirus, Rahul Gandhi, Bharatiya Janata party (BJP), India, New Delhi
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