|
Senior Congress leader and MP Jairam Ramesh on Monday launched a sharp attack on the central government, accusing authorities of failing to check soaring inflation that has severely disrupted kitchen budgets ahead of the festive season.
Jairam Ramesh, in a post on X, cited official metrics, claiming that persistent price rises have made it increasingly difficult for ordinary families to balance festive celebrations with basic household needs. According to all government data, inflation is only rising. In such a situation, should the common family celebrate festivals or manage the household budget? The bitter truth of the promises of good days is coming to light every day in the form of rising inflation. In four months, the price of onions has risen by 85% and sugar by 34%, Jairam Ramesh wrote. Detailing further spikes in essential commodities just weeks before Diwali, the Congress leader highlighted compounding costs across staples and dry fruits. He said, In the past month, tomatoes have become 8.5% more expensive, arhar dal 3.5%, and chana dal 3.1%. Just before Diwali, almonds have reached 1,300 per kilo. The price of small cardamom has jumped by up to 300. Ramesh also criticised Prime Minister Narendra Modi for remaining silent on public hardship while emphasizing broader macroeconomic growth figures, noting that real earnings have failed to keep pace over the past decade. He said, The Prime Minister, who beats the drum about GDP figures, is completely silent on this misery of the common people. On one hand, runaway inflation has completely disrupted the kitchen budget. On the other hand, over the past decade, real (inflation-adjusted) income has either stagnated or declined. The opposition leader urged the Prime Minister to pivot away from routine public addresses and directly address mounting living costs. Prime Minister ji, leave aside your Mann Ki Baat and address the concerns of the people, Jairam Ramesh wrote. Meanwhile, consumer demand in India remained resilient in the second quarter of FY27 despite macroeconomic challenges, but rising input costs are expected to keep pressure on consumer sector companies' profit margins through the second half of the financial year, according to a report by Motilal Oswal Financial Services. The report said the quarter ended on a healthy note, indicating that positive consumption trends are continuing, with further optimism around the festive period. However, inflation, weak rainfall and other macroeconomic factors remain concerns for the sector. "We currently do not model any growth deceleration in 2HFY27," the report said, indicating that the brokerage does not expect consumer demand growth to slow in the second half of FY27. "The raw material basket remained inflationary in 2QFY27, with several key inputs continuing to trade significantly above last year levels," the report said. Earlier in October, ICRA Chief Economist Aditi Nayar said India's consumer spending is likely to see more moderate growth in the second half of the current fiscal year despite resilient demand so far, as the impact of earlier tax cuts fades from comparisons and rising food and fuel costs threaten household budgets. (ANI)
|
