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Another assault by PM Modi on middle class: Rahul Gandhi on PPF interest cut

"Slashing interest rates on small savings - on PPF and KVPs, is yet another assault by the Modi Govt on hard working middle class people."

By: PTI | New Delhi | Published: March 19, 2016 6:02 pm
Congress vice-president Rahul Gandhi arrives at Parliament on the first day of budget session in New Delhi on Tuesday. (PTI Photo) Congress vice-president Rahul Gandhi (PTI Photo)

Rahul Gandhi on Saturday came down hard on the government for slashing the interest rates on small savings, including PPF, dubbing it as yet another assault on the middle class.

“Slashing interest rates on small savings – on PPF and KVPs, is yet another assault by the Modi Govt on hard working middle class people,” the Congress Vice President said in a series of tweets.

“This Govt has failed farmers, failed the poor and now it’s failing the middle class. Modiji ppl are seeing through your event management politics! (sic),” he said.

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Last night, AICC had also reacted sharply to the move saying it is “fleecing” the poor and is a “criminal breach” of trust of hapless people. It had described it as an overt attempt at “robbing money by snatching it from unsuspecting individuals”.

In a move that will hit common man, the government had yesterday slashed interest rates on all small savings schemes, including PPF, Kisan Vikas Patra (KVP) and senior citizen deposits, to make them more market aligned.

Interest rate on Public Provident Fund (PPF) scheme has been cut to 8.1 per cent for the period April 1 to June 30, from 8.7 per cent, at present.

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  1. MIGHTY BOMBER
    Dec 28, 2017 at 12:33 am
    Can Mr.Rahul Gandhi's party i.e.Congress launch nation-wide campaign against low interest rate on small savings or don't allow LokSabha, RajyaSabha to function on this issue indefinitely? The answer is No. Will Mr.Chidambaram write an article or give press conference against this ghastly government move ? The answer once again is No. Mr.Gandhi, your party is unable to convince people to vote against this government because it is not raising people's issues vehemently anywhere. Shame on Bhartiya Janta Party government for reduction in interest rates on small savings, when inflation is increasing. Still they will continue to win elections because voting machines favour Bhartiya Janta Party.
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    1. I
      indian
      Mar 19, 2016 at 4:21 pm
      Pappu. It's late. Go to sleep
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      1. S
        Srividya Jayaraman
        Mar 20, 2016 at 3:42 am
        Keep dreaming.
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        1. M
          Mytake
          Mar 19, 2016 at 6:36 pm
          Karl Marx was a better leftiest!
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          1. P
            Pat
            Mar 19, 2016 at 2:46 pm
            Jaitly is messing up like con government hope he consults modi n party fix the looters like mallya banks Sonia raoul vadra not go against middle poor uplift farmers who fill the big bellys of netas with free food, jaitley be pro people You, yechury all the useless CPI who hold riches of India and act as if they are pro people, y cp leaders don't give up their comfort and live in huts like the poor and give away their wealth sucked out through politics from vote banks hope and pray people will realize soon. Fat netas get liposuction Rajiv shukla etc
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