PM Modi's leadership ensured no fuel shortage in India: UP CM Adityanath
Lucknow (PTI): Uttar Pradesh Chief Minister Yogi Adityanath on Sunday said that while many countries around the world have declared an “emergency” due to the crisis in West Asia, India is moving forward with full strength due to Prime Minister Narendra Modi’s “visionary” leadership.
“The Gulf War has created an atmosphere of instability. Many countries have started reducing working hours and wages because their economies are failing. In America, which is less dependent on the Gulf countries, the prices of petroleum products are skyrocketing.
“The condition is bad in countries around India, such as Pakistan, Afghanistan, Bangladesh, Myanmar, Sri Lanka, Thailand and Indonesia,” Adityanath claimed.
India is the only country in the world which is moving forward with full capability, and “this is because it possesses a visionary leader in Modi Ji”, Adityanath said.
“Prime Minister Modi has not only ensured a smooth supply chain, but also managed to control the prices of petroleum products by reducing the excise duty on them, thereby providing relief to 145 crore citizens,” Adityanath said, allaying concerns over shortages in fuel supply.
“As far as public affairs are concerned, there is absolutely no disruption of any kind; everything is proceeding smoothly,” he claimed, underscoring the need to stand with the nation's leadership at this critical juncture.
Attacking the Samajwadi Party without taking its name, Adityanath claimed it did nothing for any section of society, but now that the public has ousted it from power, it is engaging in a campaign of “malicious propaganda” and “rumour-mongering” to mislead society.
“We must remain alert, because in times of crisis, spreading rumours to sow disorder constitutes a form of sedition. Any act of sedition must not be tolerated under any circumstances. It is the duty of every patriotic citizen to refute rumours and counter those who are spreading them to create panic,” Adityanath said.
“Some people are claiming that a 14 kg gas cylinder contains only 4 kg of gas, while some are spreading rumours of a lockdown. All this is nonsense. There is no disruption in public service; everything is functioning normally.
“People should not pay attention to rumours and instead follow the country's leadership. If a gas cylinder lasts 25 days, why should people stand in line on the seventh day? If a vehicle has enough fuel for four days, why refill it unnecessarily? People should not fall prey to rumours,” Adityanath said.
He also said that during the Covid-19 pandemic, Prime Minister Modi worked tirelessly.
“Therefore, people should not fall into the trap of rumour-mongers,” Adityanath said.
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Rupee falls 20 paise to 95.43 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 20 paise to 95.43 against US dollar in early trade on Tuesday as market sentiments remained fragile after renewed military exchanges between US and Iranian forces in the Gulf region.
Forex traders said investor anxiety due to instability in the Gulf is causing massive capital flight into safe-haven assets, with the US dollar acting as the primary beneficiary.
Moreover, Brent oil prices is hovering near USD 113 per barrel, maintaining pressure on oil-importing economies like India.
At the interbank foreign exchange market the rupee opened at 95.30 then lost ground to touch 95.43 against the US dollar, in initial trade, registering a fall of 20 paise over its previous close.
Rupee fell 39 paise to close at an all-time low of 95.23 against the US dollar on Monday.
"With oil boiling rupee on Monday fell to a closing low of 95.0875 and this morning the opening was still lower as it becomes more and more vulnerable when dollar index rises due to safe-haven buying and oil prices rise due to the continuous fighting in the Gulf Region," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said.
The higher oil prices will keep rupee sold off against the dollar as oil companies and FPIs intensify dollar buying, Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.51, up 0.15 per cent.
Brent crude, the global oil benchmark, was trading lower by 1.07 per cent at USD 113.22 per barrel in futures trade.
"Market sentiments remained fragile after renewed military exchanges between US and Iranian forces when Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway," Bhansali said.
On the domestic equity market front, Sensex declined 361.62 points to 76,907.78 in early trade, while the Nifty dropped 134.90 points to 23,980.60.
Foreign Institutional Investors purchased equities worth Rs 2,835.62 crore on Monday, according to exchange data.
