Countering the Congress over its “price rise” allegations, Union Finance Minister Arun Jaitley today shared data which showed that inflation has come down significantly since 2014. Taking to the microblogging site Twitter, FM Jaitley wrote: “Since the issue of price rise has been raised by some in the Congress Party, let the data on inflation figures speak for itself.” A graph shared by the finance minister showed that in 2014-15 the Consumer Price Index was at 5.9 per cent which has decreased to 2.7 per cent in October 2017-18. FM Jaitley, taking a jibe at the opposition Congress said, unlike present regime, the CPI even crossed double digits during UPA rule. The data shared by Jaitley stated that the CPI inflation was at its peak – 12.4 per cent during 2009-10.
Notably, in its election manifesto for Gujarat, Congress has promised it would cut state taxes on petro products and bring down their prices by Rs 10 per litre and cut power tariffs by 50 per cent to curb inflation. Hitting out at the government, Congress president Sonia Gandhi said unemployment, rising inflation, falling exports and the GST caused “tremendous suffering” to millions of people. “A year later, demonetisation has done nothing but rub salt on the wounds of distressed farmers, small traders, housewives and daily workers,” Gandhi said in a meeting of the Congress Working Committee. She added that the “fortunes of a handful” were being built by destroying the future of the poor.
Since the issue of price rise has been raised by some in the Congress Party, let the data on inflation figures speak for itself. pic.twitter.com/0pxHTucKaM
— Arun Jaitley (@arunjaitley) December 5, 2017
Earlier in November,the Congress had hit out at Prime Minister Narendra Modi for creating “economic chaos” in the country and demanded that his government take immediate steps to bring the economy back on track and check further price rise. Congress spokesperson RPN Singh had expressed concern over the allegedly widening trade deficit which, he said, was at a 3-year high with a slump in exports.
Observing that the country has moved away from old era of double-digit inflation, Jaitley had said, “our statutorily fixed target is 4 per cent. We have been able to keep our current account deficit under control, and over the last few years India has had exemplary performance in terms of being able to bring down its fiscal deficit,” he added. Finance Minister Arun Jaitley had also said that improved macroeconomic fundamentals have placed India on 7-8 per cent growth trajectory and the country needs big infrastructure investments over next two decades to evolve into a middle-income economy and then into a developed one.