Sunday, September 22, 2024

Sri Lanka elects Marxist leader Anura Kumara Dissanayake as new president

Voters reject old guard

Colombo
Edited By: Prapti Upadhayay
Updated: Sep 22, 2024, 

Photograph:(X)


Story highlights

According to the commission's website, 55-year-old Dissanayake secured 42.31% of the votes in the election held on Saturday.

Sri Lanka's election commission said on Sunday (September 22) that Marxist leader Anura Kumara Dissanayake won the presidential election, and will replace the current president, Ranil Wickremesinghe.

According to the commission's website, 55-year-old is set to be sworn in on Monday.

This election marks the first following the country's economic crisis in 2022. With no prior political experience, Dissanayake led the polls from the outset, surpassing both incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa. He received 5.6 million votes, making 42.3 per cent, a notable increase from the mere 3 per cent he achieved in the 2019 presidential election.



"The dream we have nurtured for centuries is finally coming true. This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you. Your commitment has brought us this far, and for that, I am deeply grateful. This victory belongs to all of us," Dissanayake wrote on X.

"The millions of eyes filled with hope and expectation push us forward, and together, we stand ready to rewrite Sri Lankan history," he added.

This election was also significant as it was the first in Sri Lanka's history to require a second round of counting, as neither of the leading candidates managed to secure the necessary 50 per cent of the votes to be declared the winner.

(With inputs from agencies)



Marxist leader Anura Kumara Dissanayaka elected new Sri Lankan president

The 56-year-old leader of Janatha Vimukthi Peramuna termed his win a 'new renaissance'


Web Desk Updated: September 22, 2024 
M
arxist lawmaker Anura Kumara Dissanayake arrives at the election commission office after winning Sri Lankan presidential election, in Colombo | AP

Marxist leader Anura Kumara Dissanayake has been elected the ninth President of Sri Lanka, a historic verdict that saw discontent voters rise up against the unprecedented financial crisis that gripped the nation in 2022.

Anura, the leader of the Marxist Janatha Vimukthi Peramuna party's broader front National People's Power (NPP), will take oath on Monday.

The 56-year-old leader, popularly known as AKD, won more than 5.63 million votes, taking his 50-year-old party Janatha Vimukthi Peramuna (JVP) from the fringes to the helm. Anura defeated his closest rival Sajith Premadasa of Samagi Jana Balawegaya (SJB) and sitting President Ranil Wickremesinghe in an election that progressed to the second round of counting.

The polls, the first to be held since the rebellion that unseated Gotabaya Rajapaksa in 2022, witnessed two rounds of counting after no candidate secured over 50 per cent votes needed to be declared the winner. In the first round of counting, Anura topped the chart by securing 5.63 million votes or 42.31 per cent, followed by Sajith Premadasa with 4.36 million votes or 32.8 per cent. Wickremesinghe managed to get only 2.29 million votes or 17.27 per cent of the total votes polled.

This is the first time that the voting progressed to the second round of counting, as single candidates have always emerged as clear winners based on first-preference votes.

Anura, who does not possess political lineage like his rivals, projected himself as the candidate of change and vowed to dissolve parliament within 45 days of taking office for a fresh mandate for his policies in general elections.

In an earlier interview with THE WEEK, Anura had highlighted how crucial this elections was as it offered an opportunity to reshape the economic, social and political path of Sri Lanka. He had also promised to root out corruption, stating how economic decisions in Sri Lanka were often driven by bribes received by those in power. "Furthermore, fraud and corruption have become significant barriers for investors, entrepreneurs and industrialists, as the success of a project is often determined by the amount of money a minister receives. To rebuild our country, eliminating fraud and corruption is essential," he added.


Also read: 'Presidential poll is an opportunity to reshape Sri Lanka': Anura Kumara Dissanayake

A dream

The new President took to X to thank Sri Lankans, calling the win a collective effort of the people. "The dream we have nurtured for centuries is finally coming true. This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you. Your commitment has brought us this far, and for that, I am deeply grateful. This victory belongs to all of us."

He also remembered the sacrifices made by people for the cause, stating they will not be forgotten. "We hold the scepter of their hopes and struggles, knowing the responsibility it carries. The millions of eyes filled with hope and expectation push us forward, and together, we stand ready to rewrite Sri Lankan history. This dream can only be realised with a fresh start. The unity of Sinhalese, Tamils, Muslims, and all Sri Lankans is the bedrock of this new beginning. The New Renaissance we seek will rise from this shared strength and vision," he added.

A science graduate from Colombo suburban Kelaniya University, Anura hails from rural Thambuttegama in the North Central province. He began his political journey with the JVP in 1987 at the height of their anti-Indian rebellion.

The JVP was forefront of agitating against the Rajiv Gandhi-J R Jayawardena pact, which the party tagged a betrayal of Sri Lanka's sovereignty. However, he has since billed India as a strategic partner, adding that Sri Lanka will not allow its sea, land and airspace to threaten India or regional stability.


Sri Lankans elect Marxist-leaning Dissanayake as president to fix economy

Anura Kumara Dissanayake. Photo: AFP
  • Dissanayake wins run-off after second round of counting
  • First election since Sri Lanka's 2022 economic crisis
  • Dissanayake polls 42.3 percent of counted votes
  • Opposition leader Premadasa gets 32.8 percent

Sri Lankans elected Marxist-leaning Anura Kumara Dissanayake as the new president on Sunday, putting faith in his pledge to fight corruption and bolster a fragile economic recovery following the South Asian nation's worst financial crisis in decades.

Dissanayake, 55, who does not possess political lineage like some of his rivals in the presidential election, led from start to finish during the counting of votes, knocking out incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa.

"We believe that we can turn this country around, we can build a stable government... and move forward. For me this is not a position, it is a responsibility," Dissanayake told reporters after his victory which was confirmed after a second tally of votes.

The election was a referendum on Wickremesinghe, who led the heavily indebted nation's fragile economic recovery from an economic meltdown but the austerity measures that were key to this recovery angered voters. He finished third with 17 percent of the votes.

"Mr President, here I handover to you with much love, the dear child called Sri Lanka, whom we both love very dearly," Wickremesinghe, 75, said in a statement conceding defeat.

Dissanayake polled 5.6 million or 42.3 percent of the votes, a massive boost to the three percent he managed in the last presidential election in 2019. Premadasa was second at 32.8 percent.

It was the first time in the Indian Ocean island's history that the presidential race was decided by a second tally of votes after the top two candidates failed to win the mandatory 50 percent of votes to be declared winner.

Under the electoral system, voters cast three preferential votes for their chosen candidates. If no candidate wins 50 percent in the first count, a second tally determines the winner between the top two candidates, using the preferential votes cast.

About 75 percent of the 17 million eligible voters cast their ballots, according to the election commission.

This was the country's first election since its economy buckled in 2022 under a severe foreign exchange shortage, leaving it unable to pay for imports of essentials including fuel, medicine and cooking gas. Protests forced then-President Gotabaya Rajapaksa to flee and later resign.

Dissanayake presented himself as the candidate of change for those reeling under austerity measures linked to a $2.9 billion International Monetary Fund bailout, promising to dissolve parliament within 45 days of taking office for a fresh mandate for his policies in general elections.

"The election result clearly shows the uprising that we witnessed in 2022 is not over," said Pradeep Peiris, a political scientist at the University of Colombo.

"People have voted in line with those aspirations to have different political practices and political institutions. AKD (as Dissanayake is popularly known) reflects these aspirations and people have rallied around him."

Dissanayake has worried investors with a manifesto pledging to slash taxes, which could impact IMF fiscal targets, and a $25 billion debt rework. But during campaigning, he took a more conciliatory approach, saying all changes would be undertaken in consultation with the IMF and that he was committed to ensuring repayment of debt.

Grinding poverty for millions

Buttressed by the IMF deal, Sri Lanka's economy has managed a tentative recovery. It is expected to grow this year for the first time in three years and inflation has moderated to 0.5 percent from a crisis peak of 70 percent.

But the continued high cost of living was a critical issue for many voters as millions remain mired in poverty and many pinned hopes of a better future on the next leader.

Dissanayake ran as a candidate for the National People's Power alliance, which includes his Marxist-leaning Janatha Vimukthi Peremuna party.

Although JVP has just three seats in parliament, Dissanayake's promises of tough anti-corruption measures and more policies to support the poor boosted his popularity.

He will have to ensure Sri Lanka sticks with the IMF programme until 2027 to get its economy on a stable growth path, reassure markets, repay debt, attract investors and help a quarter of its people out of poverty.

"Root cause for the downfall of this country is bad management. We have a strong feeling if we have a good manager to rule this country... we can be successful in future," said Janak Dias, 55, a real estate businessmen.

Reuters


Marxist Leader Dissanayake Says 'Victory Belongs To All' Following Win In Sri Lanka Presidential Polls

Anura Kumara Dissanayake, leader of the National People’s Power (NPP) party, has been elected as Sri Lanka's new president, securing 42.3% of the vote.


Outlook Web Desk
Updated on: 22 September 2024


Anura Kumara Dissanayake will be sworn in on Monday. Photo: X

Sri Lanka has chosen Anura Kumara Dissanayake, leader of the Marxist-leaning National People’s Power (NPP) party, as its 10th president. The 55-year-old won the presidential race on Sunday, defeating incumbent President Ranil Wickremesinghe and opposition leader Sajith Premadasa. Dissanayake, who campaigned on a platform of fighting corruption and restoring the economy, is set to be sworn in on Monday.

Dissanayake’s victory marks a turning point for Sri Lanka, which is still recovering from its worst financial crisis in decades. He secured 42.3% of the vote, around 5.6 million votes, a huge improvement from the 3% he managed in the 2019 presidential election. His closest rival, Premadasa, finished second with 32.8%, while Wickremesinghe, who oversaw the country’s economic recovery efforts, garnered just 17%. This election was also unique in that it required a second round of counting, a first in Sri Lankan history, as no candidate managed to secure over 50% of the vote in the initial count.

Following his win, Dissanayake took to X (formerly Twitter) to address the nation, calling for unity and expressing gratitude to the people who supported him. In his message, he said: "The dream we have nurtured for centuries is finally coming true. This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you. Your commitment has brought us this far, and for that, I am deeply grateful. This victory belongs to all of us."

He added: "Our journey here has been paved by the sacrifices of so many who gave their sweat, tears, and even their lives for this cause. Their sacrifices are not forgotten. We hold the scepter of their hopes and struggles, knowing the responsibility it carries. The millions of eyes filled with hope and expectation push us forward, and together, we stand ready to rewrite Sri Lankan history."


Dissanayake, who does not come from a political dynasty like some of his rivals, emphasised the need for a fresh start: "The unity of Sinhalese, Tamils, Muslims, and all Sri Lankans is the bedrock of a new beginning. The new renaissance we seek will rise from this shared strength and vision."



Sri Lanka Elections 2024: Presidential Poll Goes To Historic 2nd Count After No Candidate Crosses 50% Mark

While Dissanayake’s win brings hope to many, he faces the daunting task of stabilising an economy that has been struggling since the 2022 financial meltdown. Sri Lanka’s economic crisis, marked by food shortages, fuel scarcities, and soaring inflation, led the previous government to seek a $2.9 billion bailout from the International Monetary Fund (IMF). The bailout package, although necessary to avert further collapse, has been deeply unpopular due to the austerity measures it brought, such as tax hikes and cuts to public services.

Dissanayake’s NPP party has promised not to scrap the IMF deal but to renegotiate its terms.

The NPP party, which has its roots in Marxism, was once marginalised after leading two failed uprisings in the 1970s and 1980s that resulted in over 80,000 deaths. However, this election marks a resurgence for the party. The significant voter turnout—around 75% of Sri Lanka’s 17 million eligible voters participated in the election—reflects the desire for change among the population.

Outgoing President Wickremesinghe, who struggled to overcome public anger over his economic policies, gracefully accepted defeat and congratulated his successor. "With much love and respect for this beloved nation, I hand over its future to the new President," Wickremesinghe said in a statement.

Anura Kumara Dissanayake elected president of Sri Lanka as voters reject old guard



By —Krishan Francis, Associated Press
By —Sheikh Saaliq, Associated Press
By —Bharatha Mallawarachi, Associated Press


Sep 22, 2024 

COLOMBO, Sri Lanka (AP) — Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, the Election Commission announced Sunday, after voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic ruin.

Dissanayake, whose pro-working class and anti-political elite campaigning made him popular among youth, secured victory over opposition leader Sajith Premadasa and incumbent liberal President Ranil Wickremesinghe, who took over the country two years ago after its economy hit bottom.

WATCH: Sri Lanka struggles to recover a year after economic and political collapse

Dissanayake received 5,740,179 votes, followed by Premadasa with 4,530,902, Election Commission data showed.

The election held Saturday was crucial as the country seeks to recover from the worst economic crisis in its history and the resulting political upheaval.

“This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you. Your commitment has brought us this far, and for that, I am deeply grateful. This victory belongs to all of us,” Dissanayake said in a post on X.

Outgoing President Wickremesinghe in a video statement congratulated Dissanayake and said he hoped he will carry forward the economic recovery efforts successfully. The election was a virtual referendum on Wickremesinghe’s leadership, including restructuring Sri Lanka’s debt under an International Monetary Fund bailout after it defaulted in 2022.

Dissanayake, 55, had said he would renegotiate the IMF deal to make austerity measures more bearable. Wickremesinghe had warned that any move to alter the basics of the agreement could delay the release of a fourth tranche of nearly $3 billion that is crucial to maintaining stability.

“I successfully completed the responsibility that history put on my shoulders. I was able to rescue my motherland from bankruptcy within short period pf two years,” Wickremesinghe said.

Under Wickremesinghe, inflation has dropped and foreign reserves and the local currency have strengthened. A 2 percent economic growth is predicted this year after a 7 percent contraction in 2022. But Sri Lankans are still struggling with high taxes and living costs.

“Throughout our lives, we have undergone a lot of hardships and our children are also suffering now. We need to bring an end to this misery,” said Ranuka Priyanthi, 58-year-old who voted for Dissanayake. She said she expects him to rebuild the country that has been ruined by economic mismanagement and corruption.

Dissanayake’s immediate challenge would be to steady the economy “in the face of anxieties felt by business and financial groups about his Marxist and revolutionary background,” said political analyst Jehan Perera.

He said Dissanayake represented the spirit of the 2022 uprising during which angry Sri Lankans ousted then-President Gotabaya Rajapaksa and called for a “system change” and “new faces in politics.”

It was a strong showing for Dissanayake, who won just over 3 percent of votes in a previous presidential election in 2019.

His National People’s Power coalition is led by the Janatha Vimukthi Peramuna, or People’s Liberation Front, a Marxist party that waged two unsuccessful armed insurrections in 1970s and 1980s to capture power through socialist revolution. After its defeat, the JVP entered democratic politics in 1994 and mostly played a key role in the opposition. However, they have supported several presidents and been part of governments briefly.

The NPP grouping also includes academics, civil society movements, artists, lawyers and students.

Dissanayake was first elected to Parliament in 2000 and briefly held the portfolio of agriculture and irrigation minister under then-President Chandrika Kumaratunga. He ran for president for the first time in 2019 and lost to Rajapaksa, who was ousted over the economic crisis two years later.

The government announced Thursday that it passed the final hurdle in debt restructuring by reaching an agreement in principle with private bond holders. At the time of its default, Sri Lanka’s local and foreign debt totaled $83 billion. The government says it has now restructured more than $17 billion.

The crisis resulted largely from excessive borrowing on projects that did not generate revenue. The impact of the COVID-19 pandemic and the government’s insistence on using scarce foreign reserves to prop up the currency, the rupee, contributed to the economy’s free fall.

Marxist lawmaker Anura Dissanayake claims victory in Sri Lanka’s presidential election

Leader and the presidential candidate of National People’s Power Anura Kumara Dissanayake arrives at a polling station to cast his vote in Colombo, Sri Lanka, Saturday, Sept. 21, 2024. (AP Photo/Eranga Jayawardena) 

By Krishan Francis and Shiekh Saaliq - Associated Press - Sunday, September 22, 2024

COLOMBO, Sri Lanka — Marxist lawmaker Anura Kumara Dissanayake on Sunday claimed he had won Sri Lanka’s presidential election.

“This victory belongs to all of us,” Dissanayake said in a post on X.

Official results were expected to be announced, but according to tallies released by the Election Commission, Dissanayake secured 42% of the votes followed by opposition leader Sajith Premadasa with 32%. Incumbent liberal President Ranil Wickremesinghe, who took over the country two years ago after its economy hit rock bottom, came distant a third and secured 17% of the votes.

Campaigning by Dissanayake in favor of working class and against political elite made him popular among youth as the country seeks to recover from the worst economic crisis in its history and the resulting political upheaval.

Neither candidate received more than 50% of the vote.

The Sri Lankan election system allows voters to select three candidates on their ballots in the order of their preference. If no candidate secures a majority, the top two will be retained and the ballots of the eliminated candidates will be checked for preferences given to either of the top two candidates, and those votes will be added to their respective tallies. The candidate with the highest number of votes after that will be declared the winner.

PHOTOS: Marxist lawmaker Anura Dissanayake claims victory in Sri Lanka's presidential election

It was a strong showing for Dissanayake, who won just over 3% of votes in a previous presidential election in 2019, and suggests voters are fatigued with the old political guard, which has been accused of pushing Sri Lanka toward economic instability.

Wickremesinghe’s Foreign Minister Ali Sabry congratulated Dissanayake on the social platform X and said he hopes he will “lead with a commitment to transparency, integrity, and the long-term good of the country.”

“I wish Mr. Dissanayake and his team every success in their efforts to lead Sri Lanka forward,” Sabry added.

The election was a virtual referendum on Wickremesinghe’s leadership of a fragile recovery, including restructuring Sri Lanka’s debt under an International Monetary Fund bailout program after it defaulted in 2022.

Dissanayake, 55, leads the left-leaning coalition National People’s Power, an umbrella of civil society groups, professionals, Buddhist clergy and students.


Left winger wins Sri Lanka presidential election

The workers and poor who overthrew the old dictatorship are rejoicing, but they must keep up their struggles to beat the IMF bankers


Anura Kumara Dissanayake won the Sri Lanka presidential election

By Yuri Prasad
Sunday 22 September 2024
SOCIALIST WORKER Issue

Sri Lanka elected left winger Anura Kumara Dissanayake as president on Sunday in an election that saw establishment parties trounced.

Dissanayake is the leader of the Janatha Vimukthi Peramuna (JVP) party. It used to describe itself as Marxist but has moved steadily rightwards over decades.

Nevertheless, his party has been able to galvanise a large part of the political anger that exploded into a rebellion in 2022. A general strike combined with a street protest movement to overthrow years of dictatorship by the hated Rajapaksa family.

Mithun Jayawardana is one of the rebels famously pictured swimming in the president’s pool after he left the country in a hurry. He told BBC news this week, “We need a president who is elected by the people. The people didn’t elect the current president.”

Dissanayake fought the election on two key promises. First, to root out the endemic political corruption associated with both the Rajapaksas, and the Ranil Wickremesinghe government that followed it.

Wickremesinghe won just 17 percent of the vote to Dissanayake’s 42 percent, coming third.

Second, to renegotiate the terms of the 2023 International Monetary Fund (IMF) bailout loan. The international bankers behind the IMF had demanded an austerity plan. It hit the poor so hard that many could no longer afford basics, such as food and gas to cook it with.

Now there is a mood of celebration in the poorest neighbourhoods, so much so that the army announced a curfew on the night of the election results.

But for Dissanayake, the JVP, and its National People’s Party alliance, the real tests are still to come.

Neither Sri Lanka’s ruling class nor the IMF want the question of the country’s loan repayments reopened. And neither wants an end to the vicious austerity regime that immiserated the poor.

The JVP will soon find that bosses and bankers regard themselves as “above the law”, and that they are the “real” power behind the state.


Strikes hit Sri Lanka against new austerity drive
Read More

To make the kind of radical changes that Dissanayake talked about during the election, his party would have to call on the spirit of the rebellion of 2022.

That would mean millions of workers downing tools, and leaving offices, schools and plantations to demonstrate their power.

But any such move would be a declaration of class war—and that is something that Dissanayake is desperate to avoid.

Instead, he will likely seek conciliation, offering his government as a mediating force between the angry masses and the bankers.

Millions of workers and the poor have been made to pay a terrible price for the greed and corruption of the Sri Lankan ruling class.

And they risked everything in the battle to get rid of dictatorship.

Many of them will applaud this week’s election result, but the arrival of the Dissanayake government must not mark the end of their struggle.


Dissanayake wins Sri Lanka's presidential election

Published: 22 Sep 2024 -

Sri Lanka's president-elect Anura Kumara Dissanayaka (C), gestures as he leaves the Election Commission office in Colombo on September 22, 2024, following his victory in the country's presidential election. Photo by Ishara S. Kodikara / AFP.

AFP

Colombo: Marxist lawmaker Anura Kumara Dissanayake won Sri Lanka’s presidential election, the Election Commission announced Sunday, after voters rejected the old political guard that has been widely accused of pushing the South Asian nation toward economic ruin.

Dissanayake, whose pro-working class and anti-political elite campaigning made him popular among youth, secured victory over opposition leader Sajith Premadasa and incumbent liberal President Ranil Wickremesinghe, who took over the country two years ago after its economy hit bottom.

Dissanayake received 5,740,179 votes, followed by Premadasa with 4,530,902, Election Commission data showed.

The election held on Saturday was crucial as the country seeks to recover from the worst economic crisis in its history and the resulting political upheaval.

"This achievement is not the result of any single person’s work, but the collective effort of hundreds of thousands of you. Your commitment has brought us this far, and for that, I am deeply grateful. This victory belongs to all of us,” Dissanayake said in a post on X.

Outgoing President Wickremesinghe in a video statement congratulated Dissanayake and said he hoped he will carry forward the economic recovery efforts successfully.

The election was a virtual referendum on Wickremesinghe’s leadership, including restructuring Sri Lanka’s debt under an International Monetary Fund bailout after it defaulted in 2022.

Dissanayake, 55, had said he would renegotiate the IMF deal to make austerity measures more bearable.

Wickremesinghe had warned that any move to alter the basics of the agreement could delay the release of a fourth tranche of nearly $3 billion that is crucial to maintaining stability.

"I successfully completed the responsibility that history put on my shoulders. I was able to rescue my motherland from bankruptcy within short period pf two years,” Wickremesinghe said.

Under Wickremesinghe, inflation has dropped and foreign reserves and the local currency have strengthened.

A 2% economic growth is predicted this year after a 7% contraction in 2022.

But Sri Lankans are still struggling with high taxes and living costs.

"Throughout our lives, we have undergone a lot of hardships and our children are also suffering now.

We need to bring an end to this misery,” said Ranuka Priyanthi, 58-year-old who voted for Dissanayake.

She said she expects him to rebuild the country that has been ruined by economic mismanagement and corruption.

Dissanayake’s immediate challenge would be to steady the economy "in the face of anxieties felt by business and financial groups about his Marxist and revolutionary background,” said political analyst Jehan Perera.

He said Dissanayake represented the spirit of the 2022 uprising during which angry Sri Lankans ousted then-President Gotabaya Rajapaksa and called for a "system change” and "new faces in politics.”

It was a strong showing for Dissanayake, who won just over 3% of votes in a previous presidential election in 2019.

His National People’s Power coalition is led by the Janatha Vimukthi Peramuna, or People’s Liberation Front, a Marxist party that waged two unsuccessful armed insurrections in 1970s and 1980s to capture power through socialist revolution.

After its defeat, the JVP entered democratic politics in 1994 and mostly played a key role in the opposition.

However, they have supported several presidents and been part of governments briefly.

The NPP grouping also includes academics, civil society movements, artists, lawyers and students.

Dissanayake was first elected to Parliament in 2000 and briefly held the portfolio of agriculture and irrigation minister under then-President Chandrika Kumaratunga.

He ran for president for the first time in 2019 and lost to Rajapaksa, who was ousted over the economic crisis two years later.

The government announced Thursday that it passed the final hurdle in debt restructuring by reaching an agreement in principle with private bond holders.

At the time of its default, Sri Lanka’s local and foreign debt totaled $83 billion. The government says it has now restructured more than $17 billion.

The crisis resulted largely from excessive borrowing on projects that did not generate revenue.

The impact of the COVID-19 pandemic and the government’s insistence on using scarce foreign reserves to prop up the currency, the rupee, contributed to the economy’s free fall.

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