Thread by @raagwasgood

So, Mrs. Nirmala Sitharaman says that she can't reduce the fuel prices (among the highest in the immediate South Asian neighbourhood) because
the Modi government has to pay for the past oil bonds (read: sins of the UPA government).

Hmmm!..

Let's see - how dumb she thinks we are

Why were Oil Bonds issued by the Manmohan Singh governments (UPA I and II)?

Because - it wanted to SHIELD Indian consumers (unlike the present regime) from the global Oil price shocks.
Bonds were issued with long maturity times.
👇🏾

So, the total amount of Oil Bonds which were issued were of around 1.44 lakh crore.

How many bonds matured during the rule of the Modi regime? How much of this 'past cost' they were supposed to pay?

Two. Of Rs. 1750 crore each = Rs. 3500 crore.

👇🏾

Is the debt pressure of the issued Oil Bonds so severe?
Can they be prepaid?

No.
No.

👇🏾

So, if there is not such a severe debt pressure of Oil Bonds,
then -
the Modi regime has the necessary time buffer and could go easy on the prices of Petrol, Diesel, LPG?

No.

Instead, they just did the opposite!

Despite the economy being hit by
the pre-Corona recession (of the Modi regime's making: Demonetisation disaster + GST mess + crony capitalism + 'आत्मनिर्भर' exclusive economics)
and
post-Corona recession
(again, of the Modi regime's making: insensible sudden total lockdown +..

no substantial direct income support to the masses + hollow "lakh crore packages" to the MSMEs),
the Modi government chose to become a RENT-SEEKER.

In such straining times for the masses,
instead of providing the succour by opting to not increase the prices (which Dr. Singh did)

it went for a substantial increase in central taxes on Petrol and Diesel.

By how much?

More than 88% of growth in the tax-collection.
More than Rs. 3 lakh crore have been garnered.

👇🏾

Now, do you remember the original amount which had to be paid (in lieu of those long-term, NOT IMMEDIATE, Oil Bonds)?

Rs. 1.44 lakh crore.

Now, do your Math and, tell me, how much extra has been extracted (and is, still, continuing)?

So, instead of being lenient/gracious/empathic/considerate,
or -
being austere (avoiding those mega-lo-maniacal projects like Central Vista),
why the Modi regime is hell bent on being worse than Shylock?

They need to shore up the finances. Fiscal deficit is beyond the comfort of the targets envisaged by the FRBM Act.
The Modi government has bungled on the economy big time.

Without this leeching-off on the dint of shoring up enhanced taxes from the cash cow of fuel prices,..

the Modi regime would be in a much bigger soup.

So, all the #GodiMedia newspapers and news channels will sell this narrative tonight that
'we have to endure the rising fuel prices as we have to pay for the sins of the past Congress governments; Modi is helpless!"

Unlike a @TTIndia,
mainstream news channels like @NDTV and mainstream newspapers like @TimesOfIndia, @IETweet, @HTtweets) would resist in calling the manufactured narrative of Ms. Sitharaman -
A LIE.

And, by tomorrow, the BJP IT Cell would have sent crores of WhatsApp/Facebook University lessons
which would create 'students' like him:

(Kudos to Mr. @AjitAnjum for doing ground reporting which all news channels should have been doing)!

So, this is how 👆🏾 -
a sagacious Dr. Manmohan Singh became the "WORST" Prime Minister of India
because -
"he did nothing!"

@SonaliRanade @AshokSwai @MahuaMoitra @Jairam_Ramesh

@AshoSwai

Sources:
1) moneycontrol.com/news/business/…
2) timesofindia.indiatimes.com/business/india…