Prime Minister Narendra Modi did not have the courage to discuss the damage caused by the conflict in West Asia to the Indian economy, Opposition leader Rahul Gandhi said on Monday.
The conflict was “causing serious damage to our economy, but our compromised prime minister lacks the courage to discuss it”, Gandhi told reporters outside Parliament.
“The stock market is crashing, LPG [liquefied petroleum gas] prices are rising and global crude oil prices are reaching historic levels – its direct impact is being felt by the common man, household budgets, and small and medium businesses,” the Congress leader said.
“Prime Minister Modi is being blackmailed,” Gandhi alleged. “He has no option but to sell out the interests of the Indian people. Remember my words, he won’t come to Parliament.”
The Congress MP said: “In a way, there is a fight going on to bring about a paradigm shift. It will result in huge losses for our economy. You have seen what happened in the stock market. The United States deal has been signed by Modi ji.”
“The country is going to suffer a big hit,” The Indian Express quoted Gandhi as saying. “What is the problem in discussing that? That is what we are asking.”
The Opposition on Monday staged a walkout in Parliament, saying that the government had not allowed MPs to ask questions after External Affairs Minister S Jaishankar briefed the Houses about the conflict. The Congress demanded a discussion on the war.
Gandhi has been claiming since February 3 that Modi has been “compromised”, adding that he has “sold out” the “sweat and blood” of the country’s farmers by buckling under pressure from the United States to finalise the trade deal.
On Friday, Gandhi said that the Modi government’s foreign policy “is the result of the exploitation of a compromised individual”.
On Saturday, the price of liquified petroleum gas was hiked by Rs 60 per domestic cylinder amid global energy cost fluctuations triggered by the conflict in West Asia.
On Monday, the Indian stock market continued its slide with the benchmark Sensex index ending the day about 1,400 points, or 1.8%, lower. The Nifty fell by 1.7% to close the session just above the 24,000-mark.
The market in India and several Asian economies had begun to slide on March 2 after the conflict began.
The India VIX index, which measures volatility in the market, spiked more than 17.5% on Monday.
Global oil prices crossed the $100 per barrel-mark on Monday, the highest since July 2022. The price of benchmark Brent crude jumped to $116 per barrel during the day, before falling to about $104. The price was about $72.8 per barrel on February 27, a day before the conflict started.
The prices have risen by about 50% since the conflict started.
The escalating tensions have raised fears of disruption to shipments through the Strait of Hormuz. The narrow waterbody connects the Gulf to the Arabian Sea. About 20% of global petroleum liquids consumption traverses the maritime chokepoint.
The conflict in West Asia began after Israel and the US launched an attack to “degrade the capabilities” of the Iranian government. Tehran retaliated by striking Israel and US military bases in the region, and targeting major cities in other Gulf countries and some ships.
The joint attacks by Israel and the US on Iran came amid tensions between the three countries over Tehran’s nuclear programme. Washington acts as a guarantor of Israel’s security. Israel has been claiming that Iran is close to obtaining a nuclear weapon, which could alter the regional security balance.
Tehran has long maintained that its nuclear programme is for civilian purposes.
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