Union Minister Nitin Gadkari says India facing “economic crisis”; report

Blaming huge oil imports, Transport Minister Nitin Gadkari on Thursday, October 4 said that India is facing an "economic crisis". His remarks, reported by Reuters, came ahead of a meeting of key ministers to discuss the falling rupee and the nation's widening trade deficit.

Notably, Gadkari’s remarks have come at a time when the rupee has turned out to be Asia’s worst-performing currency this year, dropping over 12% against the US dollar since the beginning of 2018, hitting a lifetime low of 73.77 to the dollar on October 4.

The report added that, “The partially convertible rupee has lost about 13% against the dollar since the beginning of the year, adding to the nation's oil import bill at a time when crude is hovering at around $85 a barrel.”

Gadkari’s statement is also being seen as government’s admission that the country is reeling under economic recession. On Twitter, while several users applauded Gadkari for his honest assessment, others slammed Modi government for the “economic crisis” and misrepresentation of the situation. Even a BJP MP shared Gadkari’s comments.

Here’s a collection of some top-trending reactions: