FM Sitharaman faces Opposition ire as Centre hastily rolls-back small savings interest cut

Major parties in opposition slammed Finance Minister Nirmala Sitharaman on Thursday after the government's retreat over its announcement that the interest rates on PPFS and small-scale savings would be reduced. While Sitharaman tweeted that the Centre has decided to roll back its decision and maintained that the interest numbers would remain to be the same as in 2020-21, the General Secretary of Congress, Randeep Surjewala asked "Are you (Sitharaman) running a 'Circus' or a 'Govt'?"

Madam FM, are you running a circus or a Govt: Congress' Surjewala

Surjewala remarked that Sitharaman has 'no moral right to continue as the finance minister' and tweeted "Madam FM, Are u running a ‘Circus’ or a ‘Govt’? One can imagine the functioning of the economy when such duly approved order affecting crores of people can be issued by an ‘oversight’. Who is the competent authority referred in order?"

TMC lands April Fool's jibe

TMC MP Mahua Moitra mocked Sitharaman as she connected the latter's decision to April Fool's day. Moitra tweeted "What is the biggest April Fool’s joke here? That a now-rolled back small savings rate cut was issued by “oversight”? Or that Nirmala Sitaraman is Fin Min of this country?"

Oversight in issuing an order of election driven hindsight: Priyanka Gandhi 

Priyanka Gandhi Vadra of Congress alleged that the decision to cut the interest rates and later to withdraw from it was more of an "election driven hindsight". Posing a question at Sitharaman, she asked "Really @nsitharaman “oversight” in issuing the order to decrease interest rates on GOI schemes or election driven “hindsight” in withdrawing it?" 

Another assault on the middle-class people by BJP: P Chidambaram

In a series of tweets, P Chidambaram who always knows what to do about the economy when he is out of government slammed the BJP government in the Centre for its decision and alleged that "it's an assault on the middle-class people." He tweeted "The BJP government had decided to launch another assault on the middle class by slashing the interest rates and profiting itself. When caught, the FM is putting forward the lame excuse of inadvertent error."

Don't test the tolerance of people mam: SP's Juhie Singh

The spokesperson of Samajwadi Party, Juhie Singh, tweeted "Trial of tolerance of the people mam, don't try it too often it may boomerang." Meanwhile, the rollback of the BJP government from its decision to slash the interest rates on PPFs and small savings schemes were was announced by FM Sitharaman on Thursday morning.

BJP clarifies 'due permission was sought for the announcement, from the EC'

The new interest rates, had they remained in effect, would be the lowest since 1974. According to sources, officials from the government said that due permission was sought from the Election Commission to make an announcement over cutting the interest rates, in the middle of the Assembly elections that are on in five Indian states.