Congress Criticizes Modi Government for Economic Downturn

Congress Accuses Modi Government of Economic Ruin

The Congress party has asserted that the Narendra Modi administration has completely devastated the Indian economy, while living in a fantasy regarding its actual condition.

This statement was made by party general secretary Jairam Ramesh following former Congress president Rahul Gandhi's claim that the economy is in ruins. Ramesh took to ‘X’ to express, “In the last decade, the five shocks delivered by the Modi government have utterly destroyed the Indian economy. No one else can be held accountable for this.”

He further stated that the demonetization initiative severely disrupted the nation's growth momentum and devastated the livelihoods of millions of Indian citizens. Ramesh also claimed that a fundamentally flawed GST has wreaked havoc on thousands of businesses across the country, except for large corporations that can bear the costs associated with GST compliance.

According to him, record imports from China have led to the closure of millions of MSMEs nationwide, with nearly one-third of MSMEs in Gujarat's stainless steel sector shutting down operations. He noted that private investment has lost the momentum seen between 2004 and 2014.

Indian entrepreneurs are increasingly acquiring citizenship in other countries. The rise of politically motivated and extortion-driven raids, along with the growing influence of the Modani group, has eroded confidence in the Indian economy. The Congress leader pointed out that over the past decade, wages for most Indian citizens across various sectors and classes have remained stagnant, particularly in rural India. There has been a sharp decline in domestic savings, coinciding with a significant increase in household debt.

Ramesh claimed that private consumption is weakening, while there has been no reduction in the consumption of luxury goods, clearly indicating rising economic inequalities. He concluded by stating that the Modi government and its supporters are living in a fictional world, unwilling to acknowledge the true state of the economy.