Oil Price Hike: Knee-jerk Reactions Will Not Help, Says Goyal


Oil Price Hike: Knee-jerk Reactions Will Not Help, Says Goyal

With the opposition demanding that the government slash fuel prices, BJP on Wednesday said “knee-jerk reactions” will not help and may end up harming the economy by worsening the fiscal deficit and pushing up inflation.

Union minister Piyush Goyal said the government is working with a holistic view of the economy and has confidence that people will support and respect decisions taken in the national interest.

The minister also sought to explain the relentless fall in the value of the rupee, saying it was over 68.86 during the UPA government, but it was “artificially” strengthened by infusion of billions of dollars in the market through loans which the Modi government had to pay. The real fall in the Indian currency is not more than Rs 3 compared to its value in the UPA tenure, he said. Read more

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