CPI(M) slams govt for 'making a killing' on fuel prices

CPI(M) today criticised the NDA government for "making a killing" by hiking excise duty on petrol and diesel after slashing their rates and accused it of not passing benefits of falling oil prices to common people.
Hitting out at the government, CPI(M) general secretary Sitaram Yechury coined the term "jumlanomics" for the Narendra Modi dispensation's alleged use of catchphrases while saying that people are left to suffer due to its "anti-people" policies.
"Internationally, fuel prices are falling, but benefits are not being passed on to people. Price rise is very high and the government is making a killing with excise duty hike.

"General economic fundamentals are going from bad to worse. But at the same time, people are being burdened more and more. So, what is this jumlanomics?" Yechury asked.
Yechury observed that the industrial production and manufacturing index in the country were "dwindling" at a time when exports had also fallen. He claimed that there was agricultural crisis prevailing in the country, while rupee was at its lowest against US dollar.
The Rajya Sabha MP accused the government of taking decisions to help corporates increase their profits, but the condition of private sector too was becoming "worse from bad".

"Basically, the jumlanomics is widening divide between rich and poor in the country," he said.

Petrol and diesel prices were cut yesterday by 32 paise a litre and 85 paise per litre respectively even as the government hiked excise duty on both the fuels for the second time this month to raise an additional Rs 3,700 crore in its bid to achieve the targeted fiscal deficit.
The reduction in the price of petrol and diesel is much lower than what crude oil prices that fell to below USD 30 per barrel had warranted. The gains were taken away by government which hiked the excise duty on petrol by 75 paise per litre and on diesel by Rs 2.