Participating in a debate on the Finance Bill 2021 in the Rajya Sabha on Wednesday, Deepender Singh Hooda, the Congress MP from Haryana, targeted the economic policies of the Central government and said the Centred had pinned the blame of economic failures on Covid-19 pandemic.
Hooda alleged the economy has derailed due to the wrong policies of the Central government. Mismanagement during of demonetisation, Goods and Services Tax (GST) and Covid-19 has forced the economy to be put on ventilator support. India was the among the countries with the highest decline in GDP due to Covid-19.
Hooda said,”What was the pace of the economy during the United Progressive Alliance (UPA) rule and what is it now during the National Democratic Alliance (NDA) dispensation? The 10-year average GDP growth during the UPA government was 7.8 per cent. If we were to consider the base year of calculating GDP today, it would be 11 per cent. While the six-year pre-covid period from 2014 to 2020 had witnessed a GDP growth rate of 6.8 per cent. This means that the growth rate has reduced rather than increase.”
The son of former Haryana Chief Minister Bhupinder Singh Hooda said that any economy stands on four legs — consumption and demand, investment, export and government expenditure. Comparing these four indicators, the economy’s condition during the UPA and NDA regimes becomes clear.
Hooda further said,”If you compare the 10-year UPA dispensation and six years of NDA rule the industrial investment growth rate at the time of UPA was 14 per cent, today it has come drastically down to only two per cent. The rate of credit and bank loans was 13 per cent at the time of UPA, it has come down now to four per cent. The private consumption growth ie demand, which was 24 per cent at the time of UPA, has now come down to nine per cent. The corporate sales growth rate was 12 per cent at the time of the UPA, today it has halted at just three per cent in the last six years.”
The Congress MP said that since demonetisation, the economy started derailing, GST broke the backbone of the economy but mismanagement during the Coronavirus pandemic has led the economy to the intensive care unit.
Hooda said Arvind Subramanian, who was the Chief Economic Advisor to the Modi government, had said in 2020 that the economic slump was not a common situation. “Since the last 30 years, the country has not witnessed such a slowdown. However, the Central government deliberately attempted to blame the economic failures on Covid-19 pandemic.”
No increase in fuel prices for 2nd consecutive day on Tuesday
Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.
With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.
The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.
Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.
Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.
Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.
Markets open on a positive note
The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.
The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.
On Monday, the Sensex closed at 61,765.59 points.
The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.
The Nifty is trading at 18,549.55 points in the morning.
Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets
Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.
Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.
In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.
The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.
Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.
OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
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