File photo

NEW DELHI: Citing proposals to hike life and vehicular insurance premiums and the decision to cut EPF interest rate, the Congress on Sunday accused the Narendra Modi government of shedding "crocodile tears" for the common people while pursuing policies which will "break" their back.

Congress spokesperson Abhishek Manu Singhvi told reporters that productivity, employment and the rupee have fallen, while inflation, social division along with the government's arrogance have risen.

"This government has failed on all fronts," he said.

Regulators have proposed more than 20 per cent hike in third-party insurance premiums, Singhvi said, adding this will impact most two-wheelers and three-wheelers besides four- wheelers under 1500 cc category.

A similar hike has also been proposed by regulators for life insurance premiums, he added.

The government has enough powers to stop these decisions which, the Congress leader said, will adversely affect the middle and lower-class the worst.

"Decisions taken by this government or rather allowed to be taken by this government without interference, restraint and injunction despite having the power to control and stop is directly impacting three Ps of the common man: purchasing power, planning for future and preparation," he said.

The government has allowed regulators to take these decision while shedding crocodile tears, Singhvi said, adding this indicates a "sinister plan" to break the back of the common man.

Food inflation has been steadily rising and the government recently hiked LPG cylinder price by Rs 144 that will help it pocket over Rs 44,000 crores, he claimed.

It may be noted that the increase in LPG price is not applicable to subsidised quota. A household is entitled to 12 subsidised gas cylinders.

The EPF interest rate was recently reduced to 8.5 per cent from 8.65 per cent.

The Congress demanded that the government interferes immediately to reverse these measures.

In an apparent reference to the Yes Bank crisis, Singhvi said the government should ensure that depositors' money is safe.

