Are you running 'circus’ or govt: Congress to FM on withdrawal of cut in rate on small savings schemes

New Delhi, Apr 01: Taking a dig at Finance Minister Nirmala Sitharaman after she announced that the government will withdraw orders to cut interest rate on small savings schemes, the Congress on Thursday said one can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an "oversight".

The opposition party also said Sitharaman had no moral right to continue as the finance minister.

In a jolt to savers, the Finance Ministry on Wednesday had reduced interest rate by up to 1.1 per cent across various small savings schemes, including the National Savings Certificates (NSC) and Public Provident Fund (PPF).

However, Sitharaman on Thursday said the government will withdraw orders to cut interest rate on small savings schemes and assured to restore the rates to last quarter of the financial year ending on March 31.

"Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn," Sitharaman said in an early morning tweet.

Reacting to the development, Congress leader Priyanka Gandhi Vadra tweeted, "Really @nsitharaman ''oversight'' in issuing the order to decrease interest rates on GOI schemes or election driven ''hindsight'' in withdrawing it?"

Congress'' chief spokesperson Randeep Surjewala also slammed Sitharaman and asked whether a "circus" or a government was being run.

"Madam FM, Are u running a ''Circus'' or a ''Govt''? One can imagine the functioning of economy when such duly approved order affecting crores of people can be issued by an ‘''oversight," Surjewala tweeted. "Who is the competent authority referred in order? You have no moral right to continue as FM," he said.