Is Narendra Modi Responsible for Inflation in India?

Narendra Modi. Photo courtesy: BJP
Narendra Modi. Photo courtesy: BJP

By Rakesh Raman

As the socio-economic conditions continue to deteriorate under Prime Minister Narendra Modi’s BJP government in India, opposition parties have started fresh political attacks on the Modi government.

In a statement issued Monday, Congress said that the government has failed to control inflation and the extraordinary crash of the Indian stock markets (the Sensex fell Monday by over 1642 points) and the further depreciation of the Indian rupee against the US dollar is a cause for concern.

“We are distraught at the incompetence of Modi-sarkar in failing to create a more robust and resilient Indian economy and in controlling food inflation,” Congress said Monday. “For the past one month, the Rupee has been trading at a two year low against the Dollar. Today, it fell to an unprecedented 66.5 against the US Dollar.”

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Modi’s government has failed miserably in keeping its most important pre-election promise. There has been an average 75% increase in the retail price of onions in India’s metropolitan’s and a 70% increase in the retail price of pulses, Congress proclaims.

Meanwhile, the Communist Party of India-Marxist (CPI-M) has expressed serious concern at the rapidly deteriorating conditions of the people’s livelihood that the party said is a direct result of the more aggressive pursuit of neo-liberal economic policies of the BJP-led Modi government.

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There is no tangible turnaround in the manufacturing and industrial sector. Consequently, the levels of unemployment continue to rise inexorably, CPI-M cautioned.

It further said that the agrarian distress continues to deepen, with peasant suicides due to indebtedness showing a constant rise.

Inflation in India. Data courtesy: Congress
Inflation in India. Data courtesy: Congress

The entire monsoon session of parliament was a washout thanks to the obduracy of the Modi regime and its refusal to recognize and take action against corruption in high places, said CPI-M.

Within a year of its existence, according to CPI-M, the emergence of such grave charges of corruption exposes the sham of the BJP’s election slogan of fighting corruption.

The Central Committee of the party has extended its active support to the September 2 all India strike call given by the central trade unions. All the Left parties have already declared their support to this nationwide agitation.

By Rakesh Raman, the managing editor of RMN Company

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Rakesh Raman