'Oversight Or Poll-Driven Hindsight?': Priyanka Gandhi On Nirmala Sitharaman's Interest Rate U-Turn

Priyanka Gandhi hinted that Nirmala Sitharaman's U-turn was influenced by the ongoing polls.

Congress leader Priyanka Gandhi today asked Finance Minister Nirmala Sitharaman if the Centre's overnight flip-flop on small savings scheme interest rates was a case of "oversight" as claimed or one of election-driven "hindsight". She tweeted shortly after the latter posted on the microblogging site early this morning withdrawing the steep cuts in rates announced yesterday, the last day of Financial Year 2020-2021. The Trinamool Congress, battling the BJP furiously in West Bengal, also mocked the Union government.

Yesterday's announcement by the Finance Ministry saw interest rates on schemes such as the National Savings Certificates and Public Provident Fund (PPF) being cut of up to 1.1 per cent for the first quarter of 2021-22 in a massive blow to middle-class depositors. With this, the PPF rates stood at a four-decade low.

However, Ms Sitharaman announced this morning that last evening's orders were a case of "oversight". She tweeted: "Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn. @FinMinIndia @PIB_India."

Less than an hour later, the Congress General Secretary in charge of Uttar Pradesh responded with her query.

Really @nsitharaman “oversight” in issuing the order to decrease interest rates on GOI schemes or election driven “hindsight” in withdrawing it? https://t.co/Duimt8daZu

— Priyanka Gandhi Vadra (@priyankagandhi) April 1, 2021

Ms Gandhi was likely hinting at the government's damage control amid Assembly elections in five states, phase-II polling for which is on today in states like West Bengal and Assam.

Her party colleague asked Ms Sitharaman if she was running government or a circus.

Madam FM,

Are u running a ‘Circus' or a ‘Govt'?

One can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an ‘oversight'.

Who is the competent authority referred in order?

You have no moral right to continue as FM. pic.twitter.com/czRv5MY7O8

— Randeep Singh Surjewala (@rssurjewala) April 1, 2021

The Trinamool Congress's Derek O'Brien was even more direct in mocking the Centre. His party is fighting a major battle in West Bengal where the opposition BJP is looking to topple Chief Minister Mamata Banerjee's decade-old government.

Egg on face again????

Because MO-SHA too busy throwing petals from trucks and cracking April Fool jokes of false promises at election rallies. https://t.co/SVb0dWrqQU

— Derek O'Brien | ডেরেক ও'ব্রায়েন (@derekobrienmp) April 1, 2021

In a self-deprecatory tweet, former Union Finance Minister Yashwant Sinha, who recently joined the Trinamool, compared the Centre's turnaround on interest rates to his own time in the ministry.

"Roll Back Modi" he tweeted, playing on the reputation he himself had earned:

I am very sad today. I thought I alone had the monopoly of roll backs. This govt has outdone even me. Labour laws, small savings interest rates are a couple of examples. Roll Back Modi.

— Yashwant Sinha (@YashwantSinha) April 1, 2021