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|June 25, 1998||
Rs 17 billion fled country after BJP took over: Congress
The Congress says foreign capital estimated at Rs 17 billion fled the country ever since the Bharatiya Janata Party government took over at the Centre.
Contending that the plumetting of the rupee against the dollar was more due to political chaos in the country rather than economic parameters, Congress joint secretary Jairam Ramesh told the media the flip-flop indulged in by Union ministers and officials has created total confusion at the highest level of decision-making, adding to the volatility of the rupee.
Finance Minister Yashwant Sinha had asserted that the government would not intervene to bolster the rupee against the dollar. Within 24 hours, he thought it fit to contradict it and the value of the rupee was the casualty.
BJP president Kushabhau Thakre had asserted that the government should walk out of World Trade Organisation, only to deny it the next day.
Commerce Minister Ramakrishna Hegde had maintained that there was no case for devaluation of the rupee. But finance ministry officials had made out a case for exchange rate adjustment -- an euphemism for devaluation, Ramesh, a former advisor to the finance ministry,, said.
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