The CPI criticized the Modi government stating that the ‘ache din’ slogan has now been forgotten and the government has failed in all counts. The Index of Industrial Production (IIP) growth was 3.2 per cent in May, down from 4.7 per cent in April, data released by the government showed. The simultaneously released Consumer Price Index (CPI) showed a hardening in retail inflation to five per cent in June from 4.87 per cent in May, on the back of buoyant oil and housing prices. Experts feel that the prices are at the risk of moving higher through the rest of the year.
Party members said that the slowing down of our industrial growth to a seven-month low in May and the hardening of the retail inflation to five per cent, despite the claims of RSS-controlled BJP government led by Narendra Modi that his over four years’ regime has brought in good days (ache din). The twin dangers in the already dwindling economy, the Party feels, will only add to the miseries of the common man suffering under the yoke of neo-liberal bankrupt policies. The party said in a press note that the impact of this will get further reflected in the almost certain raising of key policy rates by the RBI next month, which in turn will have a cascading effect of hitting adversely both the growth and prices of all essential items.
The RBI has projected inflation to stay at 4.8-4.9 per cent in the first half of the current financial year. It targets to keep inflation at four per cent with a band of two percentage points on either side of that. The party warns that the reckless policy moves by Modi and Co to cling on to power by regaining it in 2019 general elections will definitely usher in recession and worsening of economic growth. The Party urges the people to be vigilant and to ensure that the present Modi regime does not get a second term.