‘Every day in the Modi-made Anyay Kaal is a new record of economic failure’: Congress

Jairam Ramesh criticizes Modi government for record low private investments, citing economic failures and comparing with UPA era.

Citing The Hindu’s report on the slowed down rate of private investments, Congress general secretary, in-charge communications, Jairam Ramesh slammed the ruling Prime Minister Narendra Modi-led government for setting “a new record of economic failure”

“Every day in the Modi-Made Anyay Kaal is a new record of economic failure,” Mr. Ramesh said in a statement, adding: “We have already seen a 45-year high unemployment rate, a 50-year low household savings rate, and the first-ever decrease in real rural consumption.”

“Now, we have another disturbing fact to reckon with,” he said citing the figures quoted in The Hindu report.

In the April-June quarter of this 2023/24 fiscal year, fresh investments announced by corporates is just ₹44,000 crores — a 20-year low.

Mr. Ramesh went on to compare these figures with the data from when UPA was in power.

“Investment as % of GDP (average over time) was 33.4% during the UPA and 28.7% in the Anyay-kaal. FDI as % of GDP rose from 0.8% in 2004 to 1.7% in 2014 under Manmohan Singh’s stewardship. As of 2022, it is now 1.5% Manufacturing as % of GDP (average over time) fell from 16.5% in UPA to 14.5% under the current Government.”

“Over the last ten years, India has suffered through a senseless demonetisation, a botched GST rollout, increasing oligopolisation, random policy changes based on the whims and fancies of the non-biological PM, and an atmosphere of fear and intimidation generated by his insecurities. Investment, as John Maynard Keynes reminded us, is not just a financial decision-it is a psychological decision as well. The last ten years has severely damaged this psychology and there is no evidence that the non-biological PM has recognised this,” Mr. Ramesh said in his statement.