Daijiworld Media Network - New Delhi
New Delhi, Aug 1: Congress spokesperson Randeep Singh Surjewala has slammed BJP government at the Centre for increasing LPG prices and repo rate, called them ‘greedy’ and Prime Minister Narendra Modi’s Acche Din a hoax.
He voiced out his retaliation after the price of non-subsidised LPG gas was hiked by Rs 35.50 per cylinder in New Delhi, and the subsidised one by Rs 1.76 with effect from August 1.
“Modi government’s greed is making everyone’s budget bleed. BJP is cruel, they loot in the name of fuel. The hike on prices of LPG cylinders is a midnight assault by the Modi government on a common man,” he lashed out.
Demanding that the fuel prices must be brought under the GST ambit, he said “BJP government has already gained Rs 10 lac crore as taxes on fuel prices but yet are eyeing on the hard earned savings, adding to the burden of the citizens,” he said.
Meanwhile, Indian Oil Corporation has cited changes in international prices and foreign exchange fluctuations as the main reason for price hike.
Hike in Repo rate, bad news to those with bank loans
Reserve Bank of India’s second consecutive increase in repo rate, short for repurchase rate, will most likely lead to an increase in the interest of bank loans. This will affect customers who have opted for home, car or personal loans.
RBI in its third bi-monthly statement hiked the key rate by 25 basis points to 6.50 per cent on August 1. This is the first time in nearly five years RBI has gone for back-to-back hike, having increased repo rate by 25 bps to 6.25 per cent in its last policy meet in June.
The current rate hike comes on the back of rising crude oil prices, hike in the minimal support price (MSP) for paddy by Rs 200 per quintal, rupee depreciation against the US dollar and impact of house rent allowance (HRA) revision resulting upward inflation and recent farm loan waivers.