Why is Modi so silent on petrol prices?The Government of India is the supreme power in terms of economic policies. Key ministries hold the responsibility of directing the economy to a good shape.
The prices of petrol in our country is so high only because of the excessive taxation that goes into it. This is absolutely ridiculous as the State is not even able to give some relief to the common man.
Worse, the Prime Minister is absolutely mum on this vital aspect. He should articulate a good policy, and reduce taxes on petroleum products. He will get back the money. Here is how. Once the petrol prices are down, the prices of other commodities will also come down.
There will be less corruption in the society as well. Since so many items of everyday consumption are covered under GST, the common man will have something to spend. Today, we are starring at a very dangerous trend. The petroleum prices have increased the prices of every single commodity that we use every day. The middle class is slowly loosing whatever savings it had.
The wise are reducing their spending and trying to cut corners to save money. However, the credit off take will be a big zero, as there are no takers for fresh personal loans, housing loans and so on. The real estate market is also under severe strain.
We should do something urgent in this regard. Let the PM speak out.