Rahul Gandhi Warns of Imminent Inflation in India

In New Delhi on Saturday, Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, warned that India faces an imminent surge in inflation driven by a weakening rupee and escalating industrial fuel prices, amid ongoing tensions in West Asia. He accused the Narendra Modi-led government of lacking a clear economic strategy and predicted hikes in petrol, diesel, and liquefied petroleum gas prices shortly after upcoming assembly elections in several states.

Gandhi highlighted the rupee's depreciation against the US dollar, which he said was approaching 100, as a stark indicator of economic trouble. The currency closed at a record low of 93.71 on Friday, down 82 paise or nearly 1 percent, following an even sharper drop earlier in the week when it breached 93 for the first time. This decline, the worst in over four years, stems from rising global crude oil prices and a broader risk-off mood among investors, exacerbated by the conflict in West Asia. Industrial diesel prices, for instance, jumped 25 percent last week, rising from 87.67 rupees per liter to 109.59 rupees.

In a post on X, Gandhi stated, "The rupee weakening against the dollar and heading towards 100, along with a sharp...