New Delhi: Slamming the BJP-led central government, Congress president Mallikarjun Kharge on Thursday alleged that it was creating “economic turmoil” that has affected the lives of ordinary citizens.
Taking to X, Kharge wrote: “Modi government has NO economic solution for the economic turmoil it has created!”. He outlined a slew of economic indicators that he claimed reflect the magnitude of the problem.
The Congress chief highlighted seven key indicators that according to him reflect the “mess” in the lives of common man in India.
“7 indicators that illustrate the extent of mess in the lives of ordinary Indians. 50 per cent increase in Gold Loans and 30 per cent jump in gold loan NPAs. Private consumption – the total value of goods and services purchased by households has slowed down in the last 8 quarters and has not recovered to pre-Covid levels,” Kharge pointed out.
Modi Govt has NO solution for the Economic Turmoil it has created!
7 indicators that illustrate the extent of mess in the lives of ordinary Indians.
1⃣50% increase in Gold Loans and 30% jump in gold loan NPAs.
2⃣Private consumption – the total value of goods and services… pic.twitter.com/zhGxIQo7bJ
— Mallikarjun Kharge (@kharge) January 2, 2025
He also highlighted a decline in car sales growth, which he claimed has dipped to a four-year low, along with stagnant wage growth in key sectors. Kharge pointed out: “Wages grew at a compound annual rate of just 0.8% in the engineering, manufacturing, process, and infrastructure (EMPI) sectors over the past five years (2019-2023).”
The Congress president also hit out at the government for high food inflation, which Kharge claimed has averaged 7.1% over the last eight quarters, and for indirect taxation through GST on essential items, which he alleged has eroded household savings to a 50-year low.
Kharge underlined the rising household financial liabilities, now at 6.4% of GDP, describing it as the “highest in decades”. He noted that the rupee’s all-time low has resulted in foreign fund outflows and vital losses for small investors.
Kharge also targeted Prime Minister Narendra Modi, and said: “Narendra Modi ji, your annual ‘New Year Resolutions’ have been nothing short of JUMLAS, destroying the lives of EVERY CITIZEN!”
