Most Indians facing extreme levels of economic distress with rise in inflation: Congress

NEW DELHI: The Congress on Thursday once again targeted the BJP-led Central government, alleging that a vast majority of Indian families are facing "extreme levels of Modi-made economic distress" with rise in inflation and debt and a decline in household savings.

Congress General Secretary Jairam Ramesh, in a post on X, said: "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".

He said that other key findings are that net household financial savings have reduced by a fifth in FY23, and non-housing borrowing has doubled in FY23, which is most likely debt taken on to finance consumption.

"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.

Clearly, the vast majority of Indian families are facing extreme levels of Modi-made economic distress — rising inflation, rising debt, slowing household consumption, and falling savings. (Prime Minister Narendra) Modi cannot escape accountability by suppressing data," Ramesh said.

The Congress has been attacking the government over its handling of the economy and raising concerns over increasing unemployment and a rise in prices.