Former Prime Minister Deve Gowda blames UPA for rupee hitting all-time low

BANGALORE: Former Prime Minister H D Deve Gowda on Wednesday blamed UPA II for the Rupee tanking to a lifetime low of 68.85 against the US Dollar, citing "inconsistent" economic policies and "lack of trust" of investors in the ruling establishment.

"UPA II is to be blamed for it ( Rupee fall). Their policies have not yielded any result. They first allowed 40 per cent foreign investment, then 50 and now 100 per cent. They went on making changes after changes. Has it yielded any result?" he told reporters after a meeting of senior JD-S leaders' here.

On BJP's demand asking the UPA government to resign and go in for fresh elections over the Rupee fall, Gowda said "it is up to UPA II to decide on fresh elections."

Gowda said "frankly speaking, it wouldn't be easy for the next Prime Minister, belonging either to NDA or any other party, to bring the Rupee back on track. He will have to struggle for sure." To a query, he said the Food Security Bill reflects the Congress government's 'failure' to eradicate problems relating to food.

"They (Congress) say it is a major step and 69 per cent of the people are going to be covered under this bill. What does it mean?. (Does it mean that) all these 60 years, all our plans have failed to remove poverty, unemployment? Berozgari hatao, garibi hatao, all these slogans have gone. Likewise, people will also forget Food Security Bill," Gowda said.