Petrol price would soon touch Rs 100 as also the rupee against US dollar: AP CM Naidu

Former Andhra Pradesh Chief Minister N Chandrababu Naidu has decided to give the event a skip. Naidu also declined invitation to Jagan Mohan Reddy's swearing-in ceremony.

Andhra Pradesh Chief Minister N Chandrababu Naidu Monday said price of petrol would soon touch Rs 100 a litre as also the rupee against US dollar.

"Whatever (economic) growth that's happening now is because of India's strength. It's not because of the NDA government's greatness. It would have grown even better if there is any other government," Naidu remarked.

Responding to questions at the press conference here, the Chief Minister said demonetisation was a 'big failure' because of which people were still suffering.

"The economy has collapsed. The economy has suffered a set back for over one and a half years. In fact, growth has stalled under NDA and it may even fall," he observed.

Blaming the 'faulty' policies of the NDA government for the current (sorry) state of affairs, Naidu said, "Petrol will soon cost Rs 100. They are going to hit a century. And, the rupee will also touch the century mark. You can then buy petrol paying a dollar."

Petrol and diesel prices in the country touched their highest levels Monday mainly due to dramatic fall in rupee and a sharp rise in crude oil rates. It was the "gross inefficiency" of the NDA government that led to the 'collapse' of the economy, he alleged.

Hitting out at the Centre for ignoring his recommendations on digital economy, the Chief Minister said had the central government been sincere, it would have scrapped the Rs 2000 and Rs 500 notes. "I suggested making digital transactions cost-effective so that automatically all will switch to digital economy. It would have contributed to higher revenues, but the Centre did the reverse, making digital transactions costly," he claimed.

Simultaneously, people lost faith in the banking system because of the frauds, he added. "Neither the Prime Minister nor the NDA (government) have the right to speak about (fiscal) discipline or honesty when they are rubbing shoulders with the corrupt," the Chief Minister said, citing YSR Congress president Y S Jaganmohan Reddys alleged proximity to Modi.