NEW DELHI: Congress president Mallikarjun Kharge on Thursday criticized the BJP-led central governmentaccusing him of creating “economic turmoil“that has disrupted the lives of ordinary citizens.
“The Modi government has NO economic solution to the economic turmoil it has created!” Kharge wrote in a post on X, pointing to a number of economic indicators that he says reflect the severity of the situation.
Kharge outlined seven key indicators which he said demonstrate the “disorder” in the lives of common Indians.
“7 indicators that illustrate the extent of disorder in the lives of ordinary Indians. 50 percent increase in gold loans and 30 percent increase in Gold Loan NPA. Private consumption “The total value of goods and services purchased by households has slowed over the last eight quarters and has not recovered to pre-Covid levels,” Kharge added.
He also pointed to a decline in auto sales growth, which he said has plummeted to a four-year low, and stagnant wage growth in key sectors.
“Salaries grew at a compound annual rate of just 0.8% in the engineering, manufacturing, process and infrastructure (EMPI) sectors over the last five years (2019-2023),” Kharge mentioned.
The head of Congress also attacked the government for high food inflationwhich he says has averaged 7.1% over the last eight quarters, and by indirect taxes through the GST on essential items, which he says have eroded household savings to their lowest level in 50 years.
Kharge also pointed to the rise in household financial liabilities, which now stand at 6.4% of GDP, calling it “the highest in decades.” He added that the rupee hitting an all-time low has led to foreign fund outflows and substantial losses for small investors.
In his scathing attack, Kharge took aim at Prime Minister Narendra Modi. “Narendra Modi ji, your annual ‘New Year’s Resolutions’ have been nothing less than JUMLAS, destroying the lives of ALL CITIZENS!” said.