4 months ago
2
On the eve of the Union Budget league of Parliament, the Congress connected Tuesday questioned the credibility of authoritative economical data, alleging that inequality was widening adjacent arsenic payment measures were being rolled back.
The party’s Research Department released its yearly report, ‘Inequality connected the Rise, Welfare successful Retreat – Real State of the Economy 2026’, 2 days earlier the tabling of the Economic Survey and the presumption of the Union Budget connected February 1.
The Congress said the workout was aimed astatine placing “facts” earlier the nationalist up of what it described arsenic a government-driven “propaganda” propulsion done the President’s address, the Economic Survey and the Budget.
“It [the report] correctly identifies the cardinal challenges to the Indian system stemming from ‘K-shaped’ unequal growth, inadequate and low-quality job-creation, erosion of societal information nets, and the under-investment successful basal nationalist services of cleanable air, water, and healthcare,” Congress communications main Jairam Ramesh said successful a station connected X, adding, “We anticipation that the Finance Minister and the Chief Economic Advisor volition grapple with immoderate of the realities presented successful this study successful the forthcoming Economic Survey and Union Budget.”
Releasing the study on with enactment workfellow Amitabh Dubey, All India Congress Committee (AICC) Research Department chairman Rajeev Gowda questioned whether the Narendra Modi government’s economical numbers could beryllium trusted.
“The IMF gave India’s statistic a C grade. 0.5% ostentation complaint is not the world of people’s lives. Former Chief Economic Advisor Arvind Subramanian calculates that GDP figures are astatine slightest 2.5% higher than existent reality,” Mr. Gowda said.
He pointed retired that successful 2024, the government’s production-side GDP estimation showed maturation of 9.2%, which was 47% higher than the 4.9% maturation indicated by the expenditure-side GDP metric. “In the archetypal fractional of 2025-26, manufacturing reportedly grew astatine 8.4%. But the Index of Eight Core Industries showed lone 2.9% growth,” helium said.
On rupee depreciation
Mr. Gowda besides criticised the authorities implicit the depreciation of the rupee, stating that it had emerged arsenic Asia’s worst-performing currency successful 2025. “In 4 of 10 months of 2025, nett FDI was negative. More investors withdrew wealth and much Indian wealth was invested overseas compared to overseas investments into India,” helium said.
Highlighting employment trends, helium said the stock of workers successful manufacturing declined from 12.1% successful 2017-18 to 11.4% successful 2023-24. “What happened to Make successful India? Agriculture’s stock roseate from 44.1% to 46.1%...Job maturation is concentrated successful debased value, informal, and gig economy,” Mr. Gowda said.
Flagging what helium described arsenic “rising inequality”, the Congress person said the apical 10% accounted for 58% of nationalist income, portion the bottommost fractional received lone 15%. He further claimed that 4 retired of 5 Indians subsisted connected little than ₹200 per day, portion one-third lived connected little than ₹100 a day. “Net household fiscal savings are astatine a five-decade debased of 5.2%, household indebtedness is sharply up to 41% from 35% successful 2019,” Mr. Gowda said.
Tax burden
He besides pointed to a displacement successful the taxation burden, saying individuals were paying much nonstop taxes than corporates, with the stock rising from 38.1% successful 2013-14 to 53.4% successful 2023-24.
Mr. Dubey said the quality of maturation being pursued by the authorities was profoundly flawed. “Growth that benefits lone a fewer is not success. It is simply a informing sign. Rising inequality and shrinking payment are the clearest markers of monolithic economical mismanagement,” helium said.
“But fundamentally bully argumentation begins with honorable data. We inquire the authorities to spot the existent numbers earlier the country, not manipulated figures that mislead the people,” Mr Dubey added.
He besides flagged what helium described arsenic the “failures” of the Make successful India initiative, citing the diminution successful manufacturing and the pressures faced by micro, tiny and mean enterprises. He besides said the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), which helium described arsenic the biggest enactment strategy for the poor, was present “under assault” from the Modi government.
