The Congress party launched a scathing critique of the central government ahead of the Union budget presentation by Finance Minister Nirmala Sitharaman on July 23. Congress spokesperson Supriya Shrinate labeled the upcoming budget as indicative of a “ruined economic landscape,” accusing the Bharatiya Janata Party (BJP) of being detached from “real India” and catering only to a select few.
In a direct attack on Prime Minister Narendra Modi, Congress President Mallikarjun Kharge, in a post on social media platform X, accused the PM of misleading the public on employment issues and cited discrepancies in data from the Reserve Bank of India and the International Labour Organisation (ILO).
Shrinate highlighted stark economic inequality, noting that the top 1% of India’s population controls 40.10% of the country’s wealth, while the bottom 50% holds only 6.40%. She criticized the government over rising inflation and falling income levels, stating that nearly 48% of Indian families are experiencing financial strain due to increased prices and decreased earnings.
Food inflation has been consistently above 9%, increasing the financial burden on the poor and middle class. “High prices and rising inflation have broken the back of the country’s lower and middle-income groups,” Shrinate said, pointing out that essential commodities such as food, clothing, and transportation have become significantly more expensive.
Joblessness was highlighted as a critical issue for the upcoming budget. Shrinate attributed the loss of 10.6 million informal sector jobs to demonetization, GST implementation, the COVID-19 pandemic, and the reduction of 270,000 central PSU jobs. The rise in contract workers from 13% in 2013 to 43% in 2022 was also noted.
The Congress spokesperson expressed concern over muted consumption, a vital aspect of India’s economy. Despite price cuts in the FMCG sector, consumption has remained low, with a significant inventory of unsold automobiles worth approximately Rs.60,000 crore.
Shrinate also addressed the sluggish Foreign Direct Investment (FDI) and the rising trade imbalance, noting that India has a trade deficit with nine of its top ten trading partners. She pointed out the trade deficit with China, stating that India’s bilateral trade with China stands at $118 billion, with an $80 billion deficit. This, she argued, indirectly funds Chinese military activities.
The falling value of the rupee against the dollar was another point of contention, with Shrinate reminding that the rupee was 58 per dollar when Modi took office and has since fallen to 84 per dollar.
Criticizing the government’s investment in agriculture, education, and health sectors, Shrinate accused the BJP of creating monopolies across various industries, including steel, cement, telecom, and aviation.