New Delhi: Congress on Friday said the next budget must address fundamental issues such as why private investment is "very slow" and private consumption is not picking up, as the party dismissed claims that economic growth is accelerating. sharply and large numbers of jobs are being created. .
Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23.
Congress general secretary in charge of communications Jairam Ramesh said: "Supporters and drummers of the non-biological Prime Minister claim that economic growth is accelerating markedly and jobs are being created in large numbers."
"But if this were the case, and it is not, why is private investment, a key driver of economic growth, still so sluggish, hitting a 20-year low between April and June 2024?"
Why is private consumption, another key driver of economic growth, not picking up except in the high end, Ramesh asked.
"Why have household savings plummeted to historic lows and household debt soared to record levels? Why have rural wages continued to fall and why the share of wages in income is declining national?" he asked, adding: Why is manufacturing as a proportion of GDP at an all-time low and continuing to decline?
"Why has the informal sector lost 17 lakh jobs in the last seven years? Why has unemployment hit a 45-year peak, with unemployment for young graduates at 42%?" said the general secretary of Congress.
"These are fundamental issues that the next budget will have to address as the finance minister praises the non-biological prime minister," Ramesh said.
On Thursday, the BJP claimed that around 12.5 million jobs were created in the last 10 years of the Modi government and cited the Reserve Bank of India's latest report to claim the creation of "five million jobs only in 2023-24."
Several experts have urged the government to provide tax relief to the common man to boost consumption and take measures to control inflation and accelerate economic growth.
The economy has recorded a growth rate of 8.2 per cent in 2023-24. Earlier in February, Sitharaman presented an interim budget for 2024-25 in view of the Lok Sabha elections.
Union Finance Minister Nirmala Sitharaman is scheduled to present the Budget for 2024-25 in the Lok Sabha on July 23.
Congress general secretary in charge of communications Jairam Ramesh said: "Supporters and drummers of the non-biological Prime Minister claim that economic growth is accelerating markedly and jobs are being created in large numbers."
"But if this were the case, and it is not, why is private investment, a key driver of economic growth, still so sluggish, hitting a 20-year low between April and June 2024?"
Why is private consumption, another key driver of economic growth, not picking up except in the high end, Ramesh asked.
"Why have household savings plummeted to historic lows and household debt soared to record levels? Why have rural wages continued to fall and why the share of wages in income is declining national?" he asked, adding: Why is manufacturing as a proportion of GDP at an all-time low and continuing to decline?
"Why has the informal sector lost 17 lakh jobs in the last seven years? Why has unemployment hit a 45-year peak, with unemployment for young graduates at 42%?" said the general secretary of Congress.
"These are fundamental issues that the next budget will have to address as the finance minister praises the non-biological prime minister," Ramesh said.
On Thursday, the BJP claimed that around 12.5 million jobs were created in the last 10 years of the Modi government and cited the Reserve Bank of India's latest report to claim the creation of "five million jobs only in 2023-24."
Several experts have urged the government to provide tax relief to the common man to boost consumption and take measures to control inflation and accelerate economic growth.
The economy has recorded a growth rate of 8.2 per cent in 2023-24. Earlier in February, Sitharaman presented an interim budget for 2024-25 in view of the Lok Sabha elections.
