With the opposition demanding that the Government slash fuel prices, the BJP Wednesday said ‘knee-jerk reactions’ will not help and may end up harming the economy by worsening the fiscal deficit and pushing up inflation.
Union Minister Piyush Goyal put up a strong defence of the Government amid the opposition’s attack on it over spiralling fuel prices, saying it is working with a holistic view of the economy and has full confidence that people will support and respect the decisions taken in the national interest.
At a press conference, he also sought to explain the relentless fall in the value of rupee, saying it was over 68.86 during the United Progressive Alliance (UPA) Government, but it was ‘artificially’ strengthened by infusion of billions of dollars in the market through loans which the Modi Government had to pay.