Millennium Post

RBI’s decision to hike bank rate will raise fuel price: Javadekar

The Bharatiya Janata Party (BJP) while criticising the Reserve Bank of India’s (RBI) sudden decision to raise bank rate by 0.25 basis points, claimed that the initiative will prove counterproductive and actually raise the fuel price.

BJP spokesperson, Prakash Javadekar, while addressing the mediapersons, said, ‘The UPA government has increased Bank Rate, CRR, Repo Rate and Reverse Repo rate several times without any logic. The government strategy to combat inflation remained restricted to squeesing the demand by raising the interest rates.’

Comparing the UPA government with the NDA, he said, ‘During NDA’s rule the Bank Rate was demitted and Repo Rate were 6 per cent which is increased to 9 per cent by UPA government. This has ensured high interest rate regime to the loss of the export industries and raised EMIs for the middle class. The high finance cost impacts adversely all the segments of the economy.’
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