Patna (Bihar) [India], June 7 (ANI): BJP's Lok Sabha MP Nishikant Dubey on Sunday launched a sharp attack on the Congress over India's historical economic decisions, alleging that the party was responsible for linking the country's economic fortunes to the US dollar.

Speaking on the issue of the rupee-dollar relationship, Dubey criticised Congress leaders for frequently raising concerns about the economy and the value of the rupee.

'What is the biggest topic of discussion in this country? Every day there is a debate that the dollar's value is rising, or it is falling, the economy is collapsing, and that this is a 'Banana Republic.' These are the kinds of things that Rahul Gandhi or the Congress opposition keep saying. The things I have said today are worth knowing for this country: why did our dependence on the dollar finally come about? What is the relationship between the dollar and the rupee?

Referring to the Bretton Woods Agreement, Dubey said that Britain had sought America's support during the Second World War and had signed the Bretton Woods Agreement in 1945. He claimed that after India attained Independence, the government led by then Prime Minister Jawaharlal Nehru signed the agreement in 1949.

'When these matters came to Nehruji in the independent Indian government, he signed the Bretton Woods Agreement in 1949. That continued; we used to trade in pounds, rubles, yen, and other currencies of the world. With Pakistan, we traded in rupees; Bangladesh was a part of Pakistan at that time, but we traded with Nepal, and our currency even circulated in Nepal. However, for the balance of payments or for import-export, we finally signed under the Bretton Woods system in 1949,' he said.

Dubey further claimed that in 1962, it was decided that the gold backing for US dollars would no longer be required, which, according to him, altered the nature of the global monetary system. The BJP MP also alleged that India's leadership at the time took decisions under international pressure.

'In 1962, it was decided that for the dollars they printed, the collateral--the gold that had to be provided--would no longer be required. If no gold is required, then print as many dollars as you want. After this, the government was so weak--because Nehruji needed support during the China war, they attacked Tibet at America's behest--that they signed the agreement,' he said.

Referring to former Prime Minister Indira Gandhi, Dubey alleged that she had devalued the Indian rupee significantly against the US dollar in 1966. Dubey further claimed that although the Bretton Woods system had ended in 1971, the Congress government continued policies that strengthened India's dependence on the US dollar.

'When Indiraji became Prime Minister, she devalued the rupee against the dollar on June 6, 1966. A 37 per cent devaluation; in the history of the entire world, no country has ever carried out such a massive devaluation. By 1971, Bretton Woods ended because the whole world realised that there was no accountability for how your dollars were being printed, so how could we trust it? Bretton Woods ended in 1971, but Indiraji continued with it,' he said.

The BJP leader also alleged that India had entered into arrangements with the United States due to economic compulsions.

'On June 7, 1974, because we needed wheat from America, as well as loans, goods, and dollars--since America had influence in the World Bank and the IMF--she signed a document of slavery. And I feel that the Congress should answer why they finally made a fool of this country and why they tied India's fate to the dollar,' he added. (ANI)