Congress slams PM Modi over RBI's repo rate hike, calls it a 'celebration of ruin'

Congress leaders launched a sharp criticism of Prime Minister Narendra Modi after the Reserve Bank of India announced an increase in the repo rate. The party described the move as a "Barbadiyon ka jashn" (celebration of ruin), suggesting that the government was indifferent to the impact on borrowers and the broader economy.

In a statement released to the media, Congress officials said the rate hike would raise loan costs for households and businesses, potentially slowing growth at a time when the nation is still recovering from recent economic shocks. They urged the government to adopt measures that protect vulnerable sections of society rather than imposing higher borrowing costs.

The RBI’s decision, taken in its latest monetary policy meeting, reflects concerns over inflationary pressures, but the opposition framed it as a political misstep that could erode public confidence in the administration's economic stewardship.

No response from the Prime Minister's office was recorded at the time of reporting.