What will be the fallout of West Asia war on economy, Opposition asks government

The Opposition on Tuesday (March 24, 2026) questioned the government in the Lok Sabha on the effect of the ongoing war in West Asia on the Indian economy, even as it accused the Centre of giving up its strategic autonomy to the United States.

The ruling BJP, on the other hand, said the Opposition was criticising the government without facts or substance.

Congress MP Manish Tewari, participating in a debate on the Finance Bill 2026 in the Lok Sabha, said the proposed trade agreement with the U.S. will open the Indian market for U.S. agricultural products.

He said there has been a massive fall in the rupee, with no steps taken to check its drop. There has been an exodus of Foreign Direct Investment (FDI) and Foreign Portfolio Investment (FPI) from the country, and the economy is not kicking off, he said. “What will be the burden of the ongoing war in West Asia on India, and what will be situation in the country after April 30, when the second phase of Bengal elections gets over,” Mr. Tewari asked the government.

‘Only disruptions’

BJP MP Navin Jindal accused the Opposition of criticising the government without any “facts or substance”. He said India had become the fastest-growing economy due to the government’s consistent efforts. The Opposition is engaged only in protests and disruptions without realising that the welfare programmes undertaken by the government would benefit their constituents too, he said.

Mr. Jindal said that in its 11 years of rule, the NDA Government encountered numerous problems – COVID, geopolitical tensions, war – but faced every crisis boldly to bounce back on the path of progress.

Congress MP Deepender Singh Hooda targeted the Modi Government over the falling value of the Indian rupee [presently at ₹93] against the U.S. dollar. He said that when international crude prices were $147 per barrel in 2009, the rupee was still at ₹48 against the dollar. “In 2014 when we left the government, the value of rupee was ₹60 to a dollar,” he said, adding, “They [the BJP] keep talking about fastest-growing large economy. I have done some research and found out that we are the fastest-falling currency.”

Aam Aadmi Party MP from Punjab, Malvinder Singh Kang, said if there can be trade relations between Mumbai and the Pakistani city of Karachi, then why can’t there be similar trade between Amritsar and Lahore in Pakistan. India closed the Attari-Wagah border, a key trade route, after the May 2025 Pahalgam terror attack.

The JD(U) MP from Bihar, Ramprit Mandal, sought special steps for the State’s industrialisation. The NDA Government has brought about all-around development in the country, he said and hailed its welfare schemes for the poor and marginalised sections of society.

The Congress MP from Telangana, Vamsi Krishna Gaddam, sought tax relief for Dalit business founders and employee-linked incentives to encourage employers to recruit Dalit staff, while Maharashtra Congress MP Kirsan Namdeo accused the government of disinvesting public sector enterprises set up by the Congress.