Daijiworld Media Network - New Delhi
New Delhi, Mar 21: Leader of Opposition Rahul Gandhi on Saturday warned that India could be on the brink of another inflationary wave, pointing to the weakening rupee and rising industrial fuel costs amid geopolitical tensions stemming from the US-Israel conflict with Iran.
“The rupee heading toward 100 against the dollar, coupled with a sharp rise in industrial fuel prices — these aren’t just numbers; they are clear signals of the inflation to come,” Gandhi wrote on X. The rupee recently dropped 64 paise to an all-time low of 93.53 against the US dollar, influenced by rising crude prices and a global risk-off sentiment.
Direct Impact on Households
Gandhi highlighted the cascading effects of currency depreciation and energy cost escalation:
• Increased production and transportation costs
• Strain on MSMEs
• Rising prices of everyday goods
• Accelerated outflow of foreign institutional investment, pressuring the stock market
He added, “It’s just a matter of time—after the elections, prices of petrol, diesel, and LPG will rise too,” referencing upcoming Assembly polls in West Bengal, Assam, Kerala, Tamil Nadu, and Puducherry.
Criticism of Government Strategy
Targeting the Centre, Gandhi said the government lacked a clear plan to address 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 remarked.
LPG Supply Pressures
The warning comes amid concerns over LPG supply disruptions linked to the West Asia conflict. While the Ministry of Petroleum and Natural Gas urged commercial users to switch to piped gas to ease cylinder demand, panic buying and long queues have been reported, particularly in Kerala, affecting restaurants and hotels earlier this month.
Shashi Tharoor on Global Factors
Congress leader Shashi Tharoor attributed the rupee’s fall to international pressures beyond India’s control and suggested the situation should be viewed in the context of past currency fluctuations during the UPA era. He added that the current government should show the “grace” to reconsider its past criticism of similar movements.