In view of the ongoing West Asia crisis , blockage of the Strait of Hormuz and subsequent surge in the international crude/ Brent Prices to 111 dollars per barrel, the economic situation in India has taken an anxious turn with inflation touching umanageable heights and the Indian rupees going to its lowest ebb touching all time low of 96 35 against one dollar of United States. This coming down of the Indian rupee to the lowest ever ebb of 96.35 against a US dollar due to geopolitucal tentions in West Asia has indeed proved beyond doubt that the situation seems to have gone beyond control and to control this economic squeez only God guided miracle can do wonders. After the surge in the commercial gas cylinder by nearly a thousand rupees, and domestic gas by Rs 50, the Indian consumer has already been impacted adversely with the prices of every item of eatables, cooked or uncooked having gone up phenomenally thus badly impacting the lower middle class people and those living at the lowest ebb. Though it’s definitely and absolutely true that the crisis in West Asia and rising geopolitical tensions are behind this critical and messy situation but a fact can’t be denied that the hoarders, black marketeers and those expert in breaking laws are having their fullest say and the inflation prior to the commencement of the war against Iran already existed, though not to the present extent. There is still a massive lack of domestic cylinders and the poor and down troddens and the middle class consumers are still suffering badly. The gas cylinders are being sold in black and the black marketeering is on the rise. The price of every item has increased manifold and the grocery shop owners at the pan India level are charging ” Manmafic” prices on every item giving an unambiguous impression that in the near future the situation may deteriorate further and the inflation may touch new sky heights. The gap between the rich and poor has widened gravely and the working class, the construction labourers, those at the lowest ebb and lower middle class are the worst sufferers. Now after the recent hike in the petrol and diesal the per litre cost has reach hundred which will keep the cars and vehicles in garages. The recent advise of the prime minister Narendra Modi advising countrymen to save the forex reserves by not using cars, giving up foreign trips, controlling the use of oil, petro products and consuming oil by human beings and not to buy gold at least for the year, has not gone well with the people of the country, who are ridiculing his statement saying that while he is appealing to countrymen to avoid foreign trips and use of petrol leading to austerity measures, he himself is hypocritically after advise to countrymen going on massive road shows with several cars and huge entourage including unaccounted foreign trips earlier. It may be recalled that according to the ruling political dispensation the key factors behind the declining of the Indian rupee against a US dollar to 96.35 is due to the blockade in the Strait uf Hormuz during the conflict in West Asia with Brent going up to 111 US dollars per barrel and since India imports most uf its oil this leads to widening of the trade deficit which is already more than 225 lakh crores. The global confusion and weak trade market has led to foreign investors sell Indian securities and buy US dollars. During the last fourteen years since 2014 the prices of gas, petrol and diesal including essential commodities has surged several times adversely impacting the already overburdened countrymen with unemployment and choas all around. Reacting to the Indian rupee going to its lowest against the American dollar Leader of the Opposition Rahul Gandhi said :
Today, the rupee fell to 96 against the dollar.
Don’t mistake this clown dancing like a buffoon for an ordinary person; he is our country’s economist.
His name is Sanjeev Sanyal, and Modi was running the country’s economy based on his advice.
He currently serves on the EAC-PM NITI Aayog wrote Rahul Gandhi on X.
