Opposition calls for white paper on economy as stats show retail inflation nearing 7%
Opposition calls for white paper on economy as stats show retail inflation nearing 7%
Narendra Modi’s government should present an economic white paper and also tell the country what steps it will take to stop spiraling prices, the opposition congress said on Saturday.
The demand comes as the latest statistics show that retail inflation accelerated sharply to 6.95% in March, the fastest rate rise in almost a year and a half and marking the third straight month that inflation has exceeded the reserve’s tolerance level Bank of India exceeded 6%.
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Speaking at a news conference in Delhi, Congress national spokesman Supriya Shrinate said that the inflation debate often centers around fuel prices, but the fact is that the prices of almost all essential goods have risen over the past eight years.
“If you follow the CPI, 235 of the 299 commodities on the list have experienced a higher percentage price increase than gasoline in recent years,” she said.
In the period from March 2014 to April 2022, the percentage increase in the price of milk, cooking oil, legumes and vegetables such as onions was higher than that of gasoline, Ms Shrinate said. The cost of getting treatment in a hospital has increased by 71%, she said.
At a time when prices are rising, interest rates on fixed deposits and other savings vehicles have fallen. The government, she said, is “eroding and plundering” the savings of the common man.
“We only have to ask the government two questions. What is your strategy to rein in prices? The price hike came at a time when 84% of people were experiencing a loss of income. Thanks to this government, 15 million of the poorest households have cut their incomes in half,” Ms. Shrinate said. And the second requirement, she said, is a white paper.
“It is high time that instead of being a distraction and speaking in a language that most people in this country do not understand, the government shifted the blame; The government needs to come up with a white paper on the economy,” she added.
