New Delhi, Jan 30 (UNI) Senior Congress leader P Chidambaram on Thursday slammed the Narendra Modi government for the “poor performance of the Indian economy” alleging that it has entered into a slowdown phase under his regime and the growth rate may fall by at least two percentage points.
He further alleged that there was huge unemployment amongst the employable youth, food and other essentials items and services have become dearer and the poor are finding the life challenging.
Addressing the media, Chidambaram along with Congress leaders Rajeev Gowda and Supriya Shrinate after releasing the 'Real State of the Economy 2025' report at the AICC office here, said, “The economy is indeed facing significant challenges. The high unemployment rates among youth and graduates are alarming, with nearly 40 percent and 30 percent, respectively”.
“This is exacerbated by stagnant wages, which have remained unchanged for four to five years, making it difficult for people to make ends meet. Meanwhile, inflation is on the rise, with food, education, and healthcare inflation increasing by double digits. There is a huge inequality gap, with 70 percent of the population living on a meagre 100-150 rupees per day. The rich-poor divide is growing,” the former Finance Minister alleged.
He said that PM Modi promised two crore jobs a year. Instead, there is massive job destruction and “we have a “job-loss” growth”, adding that people were moving back to the farm.
The Rajya Sabha MP further alleged that the agriculture sector growth had also fallen from 4.7 percent in 2022-23 to 1.4 percent in 2023-24.
Chidambaram said that the real wages for salaried workers had declined 1 percent annually since 2014 and the household savings was at a 47-year low.
He also alleged that the private sector investment had remained stagnant and the new project announcements had dipped by 21 percent between the FY 23 and FY 24.
The senior Congress leader said, “Many of the facts mentioned in the report "Real State of the Economy 2025" are conveniently buried and completely ignored by the Union Government. The media doesn't get the opportunity to carry the truth. Therefore, Prof Rajeev Gowda's team decided to produce a comprehensive report on the real state of the economy. This report is well-documented and well-sourced”.
It may be mentioned that Finance Minister Nirmala Sitharaman will present her eighth Budget on February 1.
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