RBI Data Fuels Congress Accusations of Economic Crisis Under Modi’s Leadership
New Delhi : The Congress party has made a striking claim today, asserting that a substantial number of Indian households are grappling with “extreme levels of economic distress attributed to the policies of the Modi government.” The party points to a surge in inflation, mounting debt, and dwindling household savings as key indicators of this distress.
Congress General Secretary Jairam Ramesh took to social media to share an article from an undisclosed source, which reportedly draws from recently published data by the Reserve Bank of India (RBI). According to the article, the RBI data paints a concerning picture of the economic landscape, with a notable decline in savings amid a backdrop of sluggish income growth, adjusted for inflation, over the past four years. Ramesh emphasized, “Some fresh and concerning analysis coming out of the RBI’s data: In addition to household savings rates now at historic lows, income growth adjusted for inflation over the past four years is the slowest in the past 40 years.”
The article also highlights that net household financial savings have dropped by a fifth during Fiscal Year 2023, while non-housing borrowing has doubled in the same period, possibly indicating increased debt acquired to support consumption.
Ramesh firmly asserted, “This data explains why the Modi government is burying the Consumption Expenditure Survey of 2022-23. It will reveal in stark terms how most Indians are getting poorer.” He further stated, “Clearly, the vast majority of Indian families are facing extreme levels of economic distress caused by the Modi government—escalating inflation, mounting debt, slowing household consumption, and falling savings. Mr. Modi cannot escape accountability by suppressing data.”
The Congress party has consistently criticized the government’s economic management, raising concerns about rising unemployment and surging household expenses. This latest revelation based on RBI data adds to the mounting criticism, as the Congress continues to scrutinize the economic impact of government policies on the lives of ordinary Indians.
