‘What is the full form of GDP’: KTR takes jibe at Union govt over soaring fuel prices

Telangana cabinet minister KT Rama Rao on Saturday took a jibe at the Union government over rising fuel prices in the country. The Telangana Rashtra Samithi (TRS) Working President took to Twitter to ask about the full form of “GDP” that has been rising under the NDA government, a recurring pun used to criticise rising prices of fuel (gas, diesel and petrol.)  

“Quick general knowledge question. What is the full form of GDP that has been constantly on the rise because of the extraordinary performance of the Union Govt?,” KTR tweeted. 

Quick general knowledge question

What is the full form of GDP that has been constantly on the rise because of the extraordinary performance of the Union Govt?

— KTR (@KTRTRS) February 27, 2021

Petrol and diesel prices have risen sharply over the past few weeks, with petrol prices over Rs 90 in most places. When it crossed the Rs 100 mark in some locations a few days ago, Prime Minister Narendra Modi blamed the previous Congress government for not working on reducing India’s dependence on imports for fuel. He said that India imported over 85% of its oil needs in 2019-20, and 53% of its gas needs. 

Opposition parties, including Congress, have blamed the Union government for the price hike, alleging that the Modi government is raising taxes to benefit from international oil rates plunging to a two-decade low in April-May last year. 

Read: Explained: Why have petrol and diesel prices increased so much?

Earlier this week, the DMK held a statewide protest across Tamil Nadu demanding that the Union government immediately roll back the fuel price hike. Blaming the taxation by state and Union governments for the hike, DMK president MK Stalin demanded that the Tamil Nadu government cut the state’s tax on fuel. 

As the rising trend in prices continued, Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that coordinated action between the Union and state governments is needed to reduce taxes, as taxes are levied by both. However, he maintained that both have their revenue pressures and they are required to spend high sums of money to combat the stresses of the pandemic.