Leader of Opposition Rahul Gandhi on Saturday warned that India could be headed for a fresh wave of inflation, linking it to the weakening rupee and rising fuel costs amid the US-Israel war on Iran.
The rupee plunged 64 paise to close at an all-time low of 93.53 against the US dollar, amid pressure from rising crude oil prices and a broader risk-off sentiment among global investors.
Gandhi argued that the currency slide and fuel price surge would have a cascading effect across the economy, saying that the government may call it “normal” but this is not the “reality”.
He outlined how this would certainly have a "direct and deep impact on every family's pocket”:
• Production and transport will become more expensive;
• MSMEs will be hit the hardest;
• Prices of everyday items will go up;
• and FII money will flow out even faster, putting more pressure on the stock market.
“And it's just a matter of time—after the elections, prices of petrol, diesel, and LPG will be hiked too,” he added.
Taking a direct swipe at the Centre, Gandhi said the government lacked a clear plan to tackle the unfolding economic challenges.
“The Modi government has neither direction nor strategy – just empty rhetoric. The question isn't what the government is saying – it's what's left on your plate,” he said.
