Leader of the Opposition Rahul Gandhi warned on Tuesday that India is on the brink of an unprecedented 'economic storm', attacking the central government's fiscal policies. According to reports from Times of India, Gandhi stated that 'Modi ji has changed the economic structure. An economic storm is on the way. Their Adani-Ambani structure will not last much longer; it will collapse'. Speaking to reporters in Rae Bareli, Uttar Pradesh, Gandhi claimed that the financial modifications made by the Prime Minister would inevitably collapse, with the common citizen bearing the heaviest burden. 'The economic shock will not impact Adani, Ambani, and Modi; it will deeply affect the common man. It will be unprecedented. Tough times are coming,' Gandhi emphasized, as reported by Times of India.
The warning came as the Modi government increased fuel prices by 90 paise per litre on Tuesday, with petrol prices rising by 87 paise in Delhi from ₹97.77 to ₹98.64 per litre, and diesel prices increasing by 91 paise from ₹90.67 to ₹91.58 per litre. As reported by Times of India, this marks the second revision in fuel rates within a week after state-owned oil marketing companies resumed periodic price adjustments following a freeze that had lasted close to four years. The latest revision has pushed retail prices to their highest point since May 2022. The increase comes days after CNG prices were revised upward twice this month, with rates increased by ₹2 per kg on May 15 followed by another hike of ₹1 per kg on Sunday. International crude oil prices have jumped more than 50 per cent since the February 28 US-Israeli strikes on Iran and Tehran's subsequent retaliation, which disrupted shipping movement through the Strait of Hormuz, one of the world's busiest oil transit routes.
Gandhi emphasised that while major corporate figures and political leaders remain entirely insulated within their palaces, the real impact of the looming shock will devastate the youth, farmers, labourers, and small business owners of Uttar Pradesh. According to Times of India reports, he stated that 'the economic shock that is coming will not affect Adani, Ambani, and Modi. Instead, it will affect the youth, farmers, labourers, and small business owners of Uttar Pradesh'. The opposition leader criticised Prime Minister Narendra Modi for travelling abroad frequently while simultaneously asking citizens to curb their foreign travels instead of addressing internal structural crises. 'While people were being advised to cut down on overseas trips, the Prime Minister himself continued to undertake multiple foreign visits,' Gandhi remarked, as reported by Times of India.
Energy markets have experienced sustained volatility following a series of kinetic strikes tied to the broader West Asian crisis, sparking widespread fears of disruptions to global energy distribution networks. As reported by Times of India, India's oil trade deficit is set to widen sharply in FY27 as rising crude prices, weakening petroleum exports and the country's heavy dependence on imported oil place renewed stress on external balances, according to a report by Crisil. The government's plea for a one-month extension on 'permission' to buy Russian oil has drawn criticism from opposition leaders. Economists have also cautioned that prolonged fuel price increases may further push up inflation and transportation costs, adding pressure on household budgets and small businesses, according to latest reports.
