The Congress party, citing a study by The World Inequality Lab, has criticized the Narendra Modi government for exacerbating economic inequality in India. According to the study, India’s richest 1 percent own 22.6 percent of the national income, the highest in a century, while the bottom 50 percent of the population only owns 15 percent.
Congress leader Jairam Ramesh accused the Modi government of promoting a “rule of billionaires” that benefits the friends of the ruling party and funds its campaigns. He stated that economic inequality has reached near-record levels, with the increase occurring primarily between 2014 and 2023 under Modi’s leadership.
Ramesh criticized the government’s policies, alleging that they have directly contributed to the skewed growth by enriching the wealthy, reducing poverty, and concealing information. He highlighted the awarding of government contracts to a select few companies and the sale of public assets at discounted rates to these companies.
Referring to the electoral bond scheme, which has been criticized for lack of transparency and accountability, Ramesh pointed out that many companies donated significant sums to the ruling party under the scheme. He also criticized the government’s handling of issues such as GST implementation, environmental protection, land acquisition, and labor laws.
Ramesh attributed the rise of large conglomerates like the Adani Group to India’s current inflation levels, stating that the profit margins for businesses have increased significantly while ordinary people continue to face rising prices and unemployment.
Furthermore, Ramesh criticized the quality of economic data in India, stating that it is “quite bad” and accusing the government of withholding important data, including the 2011 Socioeconomic Class Census and National Sample Survey data.
In conclusion, Ramesh emphasized the importance of collecting accurate data to address India’s economic crisis effectively, stating that no government can solve the country’s economic challenges without understanding the plight of its citizens.
