Wrong to blame OPEC for soaring fuel prices: Yashwant Sinha

Former Union Minister and BJP leader Yashwant Sinha on Tuesday flayed the Modi government for blaming international factors for fuel prices reaching an all-time high.

"They are now blaming international reasons for the rise in prices, but for the last four years they have been reaping its benefits. When because of international reasons, there was benefit in fiscal deficit, current account deficit, in inflation, when for international reasons the balance of payments was increasing, they took all the credit. But now when there is a rise in international crude prices, they are putting the entire blame on the OPEC, which is completely wrong," said Sinha.

"This is the first time in over four years that this government is facing a minor problem on the economic front. But they are unable to handle the crisis and coming out with all sorts of justifications," added Sinha.

The former finance minister's observation came in reaction to Union Law Minister Ravi Shankar Prasad on Monday blaming the Opec for the surge in international prices of crude.

Referring to the RBI revealing that 99.3 percent of the total demonetised notes having returned to the banks, Sinha attacked the government over demonetisation.

"Demonetisation has proved to be a complete failure and helped only the friends of the government to make their black money white," said Sinha who along with his former ministerial colleague Arun Shourie addressed a media conference in Delhi on the Rafale fighter jet "scam".

Shourie said the RBI's report has proved that demonetisation was the "largest money laundering scheme in the world".

"After demonetisation was announced, I had said it to be the world's largest money laundering scheme, and now it has been proved," he said.

--IANS

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