The Congress on Tuesday intensified its criticism of the Narendra Modi government’s handling of the economy; with senior party leader Jairam Ramesh alleging that the Centre was ignoring what he described as the “fourth and most critical F” confronting the country — the steady decline in private investment.
In a sharp post on social media platform X, Ramesh took exception to the Finance Minister’s recent observation that Fuel, Fertilisers and Forex were the three major areas of concern for the economy, arguing that the government was overlooking the more serious issue of weakening investor confidence and slowing corporate investment.
“The Finance Minister has said that the 3Fs — Fuel, Fertilisers and Forex — are matters of serious concern. But she forgets the fourth and most important F: the declining rate of private investment, which has been consistently visible over the past few years,” the Congress general secretary said.
Ramesh claimed that total foreign direct investment inflows had declined and alleged that private corporate investment as a share of GDP had fallen sharply compared to levels seen before 2014. According to him, many Indian businesses were increasingly seeking more stable and profitable opportunities overseas, while several prominent corporate figures had also chosen to relocate abroad.
The Congress leader argued that the slowdown in investment could not be explained solely through economic indicators, saying business decisions were also shaped by political and psychological factors. “Investment is not merely a financial decision; it is also influenced by psychological factors. The lack of growth in broad consumer demand has discouraged companies from investing,” he said.
Stepping up his attack on the government, Ramesh alleged that an “atmosphere of fear, intimidation and interference” had emerged as a major deterrent for investors. He further criticised what he called the government’s “know-it-all attitude and approach,” claiming that it had eroded confidence within the business community.
The remarks from the Congress leader came amid escalating political confrontation between the Congress and the ruling Bharatiya Janata Party (BJP) over the state of the economy, unemployment and investment trends. Opposition leaders have repeatedly accused the Centre of failing to revive consumer demand and create conditions for sustained private sector investment, while the government has maintained that India continues to remain among the world’s fastest-growing major economies and a preferred destination for global investors.
Escalating his criticism further, Ramesh accused the government of placing greater emphasis on electoral success than addressing deeper economic concerns. “Winning elections through large-scale manipulation of voter lists is one thing. But understanding with humility and seriousness what is actually ailing the economy, and taking corrective measures for it, is an entirely different matter,” he said.
The BJP has consistently rejected Opposition allegations relating to voter manipulation and economic mismanagement, asserting that the government’s policies have strengthened macroeconomic stability, accelerated infrastructure development and enhanced India’s position as a leading global investment destination.