What did the former finance minister suggest to increase the price of money?

 The Indian currency continues to fall against the dollar.  Also, the rate of retail market inflation has been above the Reserve Bank's (6%) limit for nine consecutive months.  In this situation, Congress strongly attacked the Modi government on the price of money and the financial situation of the country.  They alleged that instead of looking at the economy, the BJP is always in a voting mood.  Former Union Finance Minister P Chidambaram advises Prime Minister to immediately seek expert help to prevent currency collapse.

• What's the story?

The rupee hit a record low against the US currency on Wednesday.  1 dollar touches 83 rupees.  It further increased to 83.29 rupees in Thursday morning trading.  However, the Indian currency regained some strength in the end market.  At the end of the day, the dollar stood at 82.79 rupees.  In 2022, the price of rupee fell by about 10%.  Finance Minister Nirmala Sitharaman recently visited America and commented that money is not weakening.  The dollar is strengthening.  There has been a lot of turmoil in the country.  In a series of tweets on this day, Chidambaram said, "The government looks helpless in the face of the continuous decline of the currency.  Falling money will adversely affect inflation, current account deficit and interest rates.  Now the Center should seek the help of scholars and experienced persons.  My suggestion is that the Prime Minister hold a closed-door meeting with C Rangarajan, YV Reddy, Rakesh Mohan, Raghuram Rajan, Montek Singh Ahluwalia right away to take the next step.”

• What's next?

On this day, Mallikarjun Kharge, who won the Congress presidential election, tweeted in Hindi, "Finance Minister said, money has not weakened.  The dollar has strengthened.  Statements alone will not work.  Congress spokesperson Ansul Abhijit recalled that when the Modi government came to power in 2014, the price of the dollar was Rs 58.40.  Now it has touched 83 rupees.  In 2013, when Narendra Modi was the Chief Minister of Gujarat, he attacked the then UPA government for the money owed.  He said, Delhi has no concern about the security of the country and the price of money.  But now China is entering Indian territory.  Money is at a record low.  Abhijeet further alleged that Nirmala's comments were irresponsible.  It is not reasonable to compare the value of currency with developed countries which have high per capita income and low population.