"Year-End Gifts Of Modi Government": P Chidambaram On Rise In Retail Inflation

Congress leader P Chidambaram on Tuesday took a swipe at the government over the rise in retail inflation and the unemployment rate, saying "let's enjoy the year-end gifts of the Modi government".

The Congress has been critical of the Narendra Modi government's handling of the economy, especially during the COVID-19 pandemic.

"Let's enjoy the year-end gifts of the Modi government: Retail inflation is 4.91%, of which fuel and light is 13.4%. The unemployment rate is 8.53%, of which urban unemployment rate is 10.09 per cent," the former finance minister said.

Let's enjoy the year-end gifts of the Modi government:

1. Retail inflation is 4.91%, of which fuel & light is 13.4%

2. The unemployment rate is 8.53%, of which urban unemployment rate is 10.09%

— P. Chidambaram (@PChidambaram_IN) December 14, 2021

He also said that banks have written off bad loans of Rs 2,02,783 crore in 2020-21 and public sector banks have settled loans of Rs 4,86,800 crore due from 13 corporates for Rs 1,61,820 crore.

"The loss to PSBs is only Rs 2,84,980 crore," he alleged.

The wholesale price-based inflation surged to more than a decade high of 14.23 per cent in November, mainly due to hardening of prices of mineral oils, basic metals, crude petroleum and natural gas.

WPI inflation has remained in double digits for eight consecutive months beginning April.

"The high rate of inflation in November 2021, is primarily due to rise in prices of mineral oils, basic metals, crude petroleum and natural gas, chemicals and chemical products, food products etc as compared to the corresponding month of the previous year," the Commerce and Industry Ministry said in a statement on Tuesday.

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