Do not act like ‘Sherlock’ over Corona crisis: Cong ‘The decision to reduce interest rates on small savings is ill-timed, illogical and irrational’
NEW DELHI: Hitting out at the Centre over the reduction in interest rates on small savings, the Congress on Wednesday slammed the government for it by saying that the decision of the government is a heartless and shameful act. However, the Congress has demanded immediate rollback of the decision.
Talking to reporters, Congress spokesperson Jaiveer Shergill has said that reduction in interest rates on small savings is irrational, illogical and ill-timed as it has come at a time when the people are already facing hardship due to the lockdown and the economic recession.
Shergill stated that though the government will earn an additional 26,000 crore through this reduction in interest rates, but it should not act like “Sherlock to extract a pound of flesh from the people.”
The Congress leader also demanded that the government waive interest on EMIS for the three-month period from March to June, saying the moratorium in EMIS is merely hogwash and a postponing exercise.
Shergill further demanded that the government comes out with a second tranche of economic relief packages to help small and medium enterprises, and the poor and common people from the economic downturn the country is facing.
“The BJP government’s decision to cut interest rates on small saving schemes will hit the common people, especially the farmers, middle class and the poor who are already suffering due to the downturn in the economy,” Shergill told reporters at a press conference held through video conferencing.
“The decision to reduce interest rates on small savings is ill-timed, illogical and irrational,” he said, adding that it will snatch the incomes of 90 crore people in the country.
He said that the government should instead work towards raising incomes of people instead of shrinking it, for helping them survive this economic downturn.
The 21-day lockdown was imposed in the country from March 25 to check the spread of the novel coronavirus.