Bombastic claims on economy conceal choke points that will strangulate growth:Cong

PTI Delhi: Asserting that the last 10 years have seen “highly detrimental economic trends”, the Congress on Sunday said the monsoon has receded but at least “three dark clouds” of languishing private sector investment, stagnating manufacturing and decline in real wages and productivity for labourers, still loom over the Indian economy. Congress general secretary in-charge communications Jairam Ramesh said bombastic claims on the economy are being made by Prime Minister Narendra Modi and his drumbeaters but what these claims conceal are the choke points that will strangulate growth in the years to come if not taken seriously now, in a spirit of humility.

“The monsoon has receded. But new evidence has shown that at least three dark clouds still loom over the Indian economy,” Ramesh said in a statement. “First, after a brief surge in private sector investment during 2022- 23 on the back of the COVID- 19 recovery, investment has returned to an unsteady path,” he said. New project announcements by the private sector fell by 21 per cent between FY23 and FY24, he pointed out. “This reflects a lack of investor confidence in India’s consumer markets, and the uncertain investment climate generated by the Government’s inconsistent policy making and Raid Raj,” he said.