Leader of the Opposition in the Lok Sabha and senior Congress leader Rahul Gandhi on Saturday criticised the central government over the weakening Indian rupee and rising industrial fuel costs, warning of possible inflationary pressures in the coming months.
The Congress leader highlighted that the rupee had slipped below the 93 mark against the US dollar on Friday, calling it a sign of continued stress on the domestic currency. Writing on X, “The rupee weakening against the dollar and heading towards 100, along with a sharp rise in industrial fuel prices–these aren’t just numbers; they’re clear signals of the inflation to come.”
Rahul Gandhi warned that increasing production and transportation costs would disproportionately impact Micro, Small and Medium Enterprises (MSMEs) and could result in higher prices for everyday goods. He also raised concerns about foreign investment outflows from the Indian stock market.
“The government may label it as normal, but the reality is that higher costs for production and transport will hit families directly. After elections in four states and one Union Territory, petrol, diesel, and LPG prices are likely to rise further,” Gandhi added.
He further accused the administration led by Prime Minister Narendra Modi of lacking a clear economic strategy, alleging that the government was offering only “empty rhetoric” instead of concrete solutions. “The question isn’t what the government is saying, it’s what remains on your plate,” he said.
These economic concerns come amid rising geopolitical tensions in West Asia. Since February 28, following the killing of Iran’s Supreme Leader Ali Khamenei in coordinated strikes by the US and Israel, the region has witnessed heightened instability. Iran responded by targeting US and Israeli assets across Gulf countries, disrupting energy supply routes and contributing to volatility in global oil markets.
Amid these developments, the Indian rupee continued to weaken, breaching the 93 mark against the US dollar in early trade and hitting a fresh record low due to ongoing tensions in West Asia and sustained foreign outflows.
The rupee had opened at a record low of 92.89 per dollar on Friday before falling further past the 93 level, indicating persistent pressure on the currency.
Meanwhile, industrial diesel prices have surged by 25 per cent, rising from Rs 87.67 per litre to Rs 109.59 per litre.
