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Government Decision to Withdraw Interest Rate Cuts on Savings Plans Won’t Fool People, Says CPM Chief Sitaram Yechury | India News

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NEW DELHI: The claim for supervision after cutting interest rates on savings schemes will not fool anyone, CPM Secretary General Sitaram Yechury said Thursday. The head of the CPM said that the Central government it had only “postponed cuts” in the interest rate on small savings plans in light of ongoing assembly elections in four states and one Union territory, adding that “withdrawing the order will not fool anyone.” .
“The Modi government clearly wants to further destroy people’s lives and cut small savings. Withdrawing the order will not fool anyone. His intentions are clear. The Cronies’ revenue is rising to the trillions, but most of it is squeezed out and destroyed, ”Yechury said on Twitter.
On Wednesday, the government slashed interest rates on small savings plans, such as post office deposits and public provident funds, by 50 to 110 basis points. A day later, he withdrew, and Finance Minister Nirmala Sitharaman called the issuance of the order a case of carelessness.
“The Government of India withdrew the lower interest rate on small savings plans announced earlier, and now the interest rate on these will remain unchanged as in the last quarter of 2020-2021,” he said.
Yechury, however, alleged that the decision was withdrawn in light of electoral sensitivities, and that is only why the government decided to postpone the decision to cut interest rates on small savings schemes. He also stated that the minister’s statement suggested that the interest rate cut will be implemented after the elections. “Once the elections are over, they will immediately see that there will be an increase in fuel prices. The government’s policy and trends are clear, ”Yechury said.
“The pace of inflation is increasing and income is decreasing. Those who spend their whole life in small savings for their future will be the most affected, since the interest rate on their savings will be reduced, “he added.

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