Hyderabad: AICC national spokesperson and MLA Mohan Prakash said that the Narendra Modi government has given an unprecedented new year gift in the form of inflation, which was as worse as the unemployment rate of above 7.5 %. The inflationary pressure has been mounting. The November 2021 WPI at 14.23% is at a 10-year high, and its impact is likely to be felt more going into the year, he said.
Prakash was speaking to the media along with TPCC president A. Revanth Reddy here on Saturday.
He said that finished goods like apparel and textiles would become dearer with the Union government increasing the GST on them from five to 12 per cent.
He claimed that pressure from opposition, particularly from the Congress-ruled states and their impact on the elections in five states, had forced the Centre to postpone the decision till February 28. This date may get extended by 1 month due to elections.
Mohan Prakash said that over 15 lakh jobs in main and ancillary units would be lost because of the enhanced GST. The unorganized sector accounts for over 80 per cent of fabric production in the country. A higher GST on fabrics will adversely affect power loom and handloom weavers' business and employment, he said. He said that the India Post Payment Bank (IPPB) account holders will have to pay charges for withdrawing and depositing cash over a specific limit from January 1. This will also impact the monthly expenses of most families, he said.
Party leaders G. Chinna Reddy, B. Mahesh Kumar Goud, Dasoju Sravan, Mallu Ravi and Vinod Reddy were also present.
