New Delhi, expressing concern over new private investment plans falling to a 20-year low in the first quarter of this fiscal year, Congress on Monday alleged that India has suffered due to "random political changes" and an atmosphere of "fear and intimidation." .
Congress general secretary in charge of communications Jairam Ramesh said in a statement that every day in the "Modi-Made Anyay Kaal" a new record of economic failure is recorded.
"We have already seen a 45-year high unemployment rate, a 50-year low household savings rate and the first decline in real rural consumption. Now, we have another disturbing fact to take into account. The Hindu reports that in the En April-June quarter of this fiscal year 2023/24, new investments announced by companies amount to just Rs 44,000 crore, which is a 20-year low," Ramesh said in a post on X.
"Compare Manmohan Singh's decade as PM with that of the non-biological PM. Investment as a percentage of GDP (average over time) was 33.4% during UPA and 28.7% in Anyay-kaal" , said.
FDI as a percentage of GDP has increased from 0.8% in 2004 to 1.7% in 2014 under Manmohan Singh, Ramesh said, adding that as of 2022, it is now 1.5%.
Manufacturing as a percentage of GDP (average over time) fell from 16.5% in the UPA to 14.5% under the current government, he said.
Ramesh said India's gross fixed capital formation (GFCF), or total investment in fixed assets, has been lower throughout the Modi regime than the trough of UPA.
The GFCF reached 35% of GDP in 2007 and has averaged 32% under the UPA, he said.
Its lowest level was 30% in 2014 and the GFCF under Modi has been below 29% for 10 years, Ramesh said.
"Over the last ten years, India has suffered from senseless demonetisation, botched GST implementation, increasing oligopolization, random political changes based on the whims and fancies of the non-biological prime minister, and an atmosphere of fear and intimidation generated because of their insecurities," Ramesh said.
Investing, as John Maynard Keynes reminded us, is not just a financial decision: it is also a psychological decision, he said.
"The last ten years have severely damaged this psychology and there is no evidence that the non-biological prime minister has recognized this," Ramesh said.
Congress general secretary in charge of communications Jairam Ramesh said in a statement that every day in the "Modi-Made Anyay Kaal" a new record of economic failure is recorded.
"We have already seen a 45-year high unemployment rate, a 50-year low household savings rate and the first decline in real rural consumption. Now, we have another disturbing fact to take into account. The Hindu reports that in the En April-June quarter of this fiscal year 2023/24, new investments announced by companies amount to just Rs 44,000 crore, which is a 20-year low," Ramesh said in a post on X.
"Compare Manmohan Singh's decade as PM with that of the non-biological PM. Investment as a percentage of GDP (average over time) was 33.4% during UPA and 28.7% in Anyay-kaal" , said.
FDI as a percentage of GDP has increased from 0.8% in 2004 to 1.7% in 2014 under Manmohan Singh, Ramesh said, adding that as of 2022, it is now 1.5%.
Manufacturing as a percentage of GDP (average over time) fell from 16.5% in the UPA to 14.5% under the current government, he said.
Ramesh said India's gross fixed capital formation (GFCF), or total investment in fixed assets, has been lower throughout the Modi regime than the trough of UPA.
The GFCF reached 35% of GDP in 2007 and has averaged 32% under the UPA, he said.
Its lowest level was 30% in 2014 and the GFCF under Modi has been below 29% for 10 years, Ramesh said.
"Over the last ten years, India has suffered from senseless demonetisation, botched GST implementation, increasing oligopolization, random political changes based on the whims and fancies of the non-biological prime minister, and an atmosphere of fear and intimidation generated because of their insecurities," Ramesh said.
Investing, as John Maynard Keynes reminded us, is not just a financial decision: it is also a psychological decision, he said.
"The last ten years have severely damaged this psychology and there is no evidence that the non-biological prime minister has recognized this," Ramesh said.
