"Modinomics is a curse to India's economy," says Kharge, as he claims that PM's 'Make in India' initiative has failed.
Kharge highlights that household savings have reached a 50-year low, while the consumption of Indian families exceeds their income since the COVID-19 pandemic.
Arpit Pattnaik
Congress president Mallikarjun Kharge criticized Prime Minister Narendra Modi's economic policies, stating that his repetitive speeches cannot hide the failures affecting every aspect of the country's economy. Kharge highlighted issues such as household indebtedness, inflation, the struggles of the manufacturing sector, and the alleged failure of the "Make in India" initiative.
He pointed out that household liabilities have surged by 241% from 2013-14 to 2022-23 and that household debt as a percentage of GDP is currently at an all-time high of 40%. Additionally, he mentioned that household savings are at a 50-year low, with families spending more than their income since the COVID-19 pandemic. Kharge also highlighted the 11% increase in the cost of a home-cooked vegetarian meal in September 2024 compared to the previous year, attributing this to price rise and the impact on the unorganized sector due to BJP policies.
Kharge also criticized the "Make in India" initiative, stating that it has failed, and cited statistics on India's export growth and the average growth rate of the manufacturing sector under BJP-NDA and Congress-UPA governments. He claimed that the share of workers employed in manufacturing has decreased and highlighted challenges faced by diamond workers in Surat, including reduced salaries and reported suicides.
Furthermore, Kharge accused the government of reducing demand for work under MGNREGA by delaying wages and not allocating sufficient funds to the demand-driven scheme. He mentioned that the demand for work under MGNREGA had decreased to just 1.6 crore in August 2024, the lowest monthly demand since October 2022.
