August 4, 2021

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Political debate over interest rates in India

The central government of India changed its decision at midnight. Due to the reaction to the news of reduction in interest rates on savings, it was informed that interest rates on short savings are not decreasing. With this, as usual, political pressure has started in the country.

Opposition politicians in India claim that the main goal of the BJP leadership is to form a government in Bengal, Assam, Kerala and Tamil Nadu চার these four states and the Union Territory of Paducheri. Reducing interest rates will definitely have an impact on the ballot box. The center was forced to move away from the decision to cut that gap.

Union Finance Minister Nirmala Sitharaman took to Twitter on Thursday to withdraw her decision to cut interest rates as the second round of voting in West Bengal continues. He said the directive to reduce interest rates by mistake was being withdrawn. After this decision, Krishnanagar Trinamool MP Mahua Maitra mocked the central government on Twitter. Mahua mocked the BJP leadership in the same way that Amit Shah used chronology to handle the controversy over the revised Citizenship Act (CAA) and the National Register of Citizens (NRC).

 

On Twitter, Mahua shared a fictional version of what the finance ministry might have discussed with Narendra Modi and Amit Shah over the decision to reduce interest rates. He writes, ‘Understand chronology! At 7 am on April 1, Modi-Shah said, vote in five states and now the interest rate cut? What a fool! Withdraw now. These will be announced when the election is over. Receiving that instruction, the Ministry of Finance replied at 8:54 in the morning, yes sir. No problem sir. The finance minister will withdraw the directive and tweet now. ‘

Trinamool Rajya Sabha MP Derek O’Brien wrote on Twitter:

However, not only the grassroots leadership, but also the Congress leadership has questioned the central government’s intentions in the whole incident. Mukul Wansik, general secretary of the party, wrote on Twitter, “By mistake, did the Modi government have to withdraw its decision to reduce interest rates for the Assam and Bengal elections?” The real face of this government has come out. ‘