Indian Finance Minister Nirmala Sitharaman trolled for her comments on the falling Rupee

YEREVAN (CoinChapter.com) — Indian Finance Minister Nirmala Sitharaman has stormed fresh controversy. Social media users are trolling her for her comments on the falling Indian Rupee against the United States Dollar. 

While briefing reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, Sitharaman defended the 8% slide in the value of her country’s currency against the dollar this year. 

One reporter asked about the measures her Government was taking to tackle the “slippery slide” of the Indian currency. Sitharaman’s reply made her the butt of many jokes.

“First of all I would look at it as not rupee sliding, I would look at it as dollar strengthening, incessantly. Obviously all other currencies around the world are performing against a strengthening dollar,“ 

she said in reply. 

The Indian Finance Minister added that the Indan Rupee has performed much better against the dollar than many other emerging market currencies. 

The Indian Rupee (INR) opened the year at ₹74.51 against the USD. However, it has fallen extensively to as low as ₹82.86 earlier this month. 

Twitter slams Nirmala Sitharaman: Others defend her

As soon as the press briefing videos began doing the rounds, users on Twitter went on a trolling spree. While some named her “the most incompetent and worst Finance Minister of independent India,” others have sarcastically called for her to be given a Nobel Prize. 

“Nirmala Sitharaman deserves a Nobel prize in economics for her innovative thesis on currency exchange value. The rupee has not lost, the dollar gained, a finance minister postulates,”

 Professor K. Nageshwar of Osmania University said. 

Meanwhile, others dug out old videos of Nirmala Sitharman when her party, the BJP, was in the opposition. 

Twitter users pointed out that she had criticized the Indian Government of the day when the INR fell to around ₹61 against the USD. However, today when it is performing badly, she defends her policies. 

However, others have come out in Sitharaman’s defense.

Pointing out that all major currencies have fallen against the greenback, Agenda Buster made a case for her statement. Moreover, according to Buster, India has performed well against the British Pound, the Japanese Yen, and the Euro, among others. 

This signifies that the INR is not falling, but the USD has become stronger.

“If someone has basic knowledge of economics, they will know the answer of this question, but in India, the standard of journalist and leaders is so low that they even don’t know such basics,” 

he said. 

Other Indians have also since come out in the Finance Minister’s defense. Some have pointed out that the US Federal Reserve’s constant interest hikes are behind the USD’s sharp rise. 

As supporters point out, the Indian Rupee is doing better than most other currencies. 

India to create a regulatory framework for crypto in G20

Indian Finance Minister Nirmala Sitharaman is no stranger to cryptocurrencies. She has repeatedly made anti-crypto remarks and called for strict control of the industry. 

She is also notorious for imposing an over 30% tax on all gains from cryptocurrencies. As CoinChapter earlier reported, she had also called anonymity an inherent risk in blockchain technology. 

 For one year, from December 1, 2022, to November 30, 2023, India will assume the Presidency of the G20. Minister Sitharaman has clarified that India will use the position to push for a technology-driven regulatory framework.

“We would definitely want to collate all this and do a bit of study and then bring it on to the table of the G-20 so that members can discuss it and hopefully arrive at a framework or SOP, so that globally, countries can have a technology driven regulatory framework,” 

she said, referring to cryptocurrencies. 

Sitharaman also clarified that she is not against the blockchain. However, she clarified that she wants “the technology to survive and also be in a position for the FinTech and other sectors to benefit from it.” 

The local cryptocurrency industry has responded positively to the development. Sumit Gupta, the CEO of Indian crypto exchange CoinDCX welcomed the news on Twitter.

India is determined to keep cryptos on its agenda during its G20 presidency. However, how this will impact the industry remains to be seen. 

Meanwhile, click here to read our detailed report on the best crypto exchanges in India.