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Bharatiya Janata Party (BJP) leader Gaurav Vallabh has highlighted India's economic resilience, noting that petrol and diesel prices have remained stable despite global geopolitical tensions.
He said robust macroeconomic fundamentals, record foreign exchange reserves, and fiscal discipline have insulated the economy, projecting 7.6 per cent growth in FY26, a performance he attributed to "Modinomics." On Saturday, Vallabh told ANI, "Did the price of petrol and diesel rise in India despite such grave geopolitical tensions? In all neighbouring countries and all European countries, petrol and diesel prices rose by 25-40% on average. This shows the strength of India's macroeconomic fundamentals." He further noted that despite geopolitical pressures in the current fiscal year, India's economy is projected to grow at 7.6%. "Despite such geopolitical tensions in FY26, the Indian economy is expected to grow at 7.6%.Despite geopolitical tensions, our Foreign Exchange reserves is at an all-time high. Despite such geopolitical tensions, we have achieved our fiscal deficit targets. So, India is in a very strong fundamental position. Our macroeconomic fundamentals are very strong, and that is why no geopolitical tension is able to impact us...This is a result of Modinomics," he said. On Saturday, Leader of Opposition in Lok Sabha and Congress leader, Rahul Gandhi, slammed the Centre, expressing concern over the falling value of the Indian rupee and rising industrial fuel prices amid escalating conflict in West Asia. Rahul Gandhi warned against inflation in future and said that the Prime Minister Narendra Modi-led government is offering "empty rhetoric" instead of a clear economic strategy. His remarks came after the rupee fell below the 93-mark against the US dollar on Friday, signalling sustained pressure on the domestic currency. He wrote 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." "The Modi government has neither direction nor strategy--just empty rhetoric. The question isn't what the government is saying--it's what's left on your plate," the X post read. This comes as the Indian Rupee weakened further and breached the 93 mark against the US dollar in early trade on Friday, hitting a fresh historic low amid ongoing conflict in West Asia and continued foreign outflows. The rupee opened at a record low of 92.89 per dollar on Friday and soon depreciated further to cross the 93 level, indicating sustained pressure on the domestic currency. (ANI)
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