Congress general secretary Jairam Ramesh on Tuesday expressed deep concern over the country’s economic situation, saying “people’s savings are declining, while debt is increasing”.
Taking note of a CareEdge Ratings latest report that India’s household savings continued their downward trajectory for the third straight year, slipping to 18.1 percent of GDP in FY24, Ramesh alleged, “It is clear that instead of the good days promised by the Modi government, days of debt have arrived.”
The report also added that gross domestic savings declined to 30.7 percent of GDP in FY24 from 32.2 per cent in FY15.
“People’s savings in the country are decreasing, debt is increasing! This clearly means that on one hand, inflation is increasing; on the other hand, people’s income is decreasing. As a result, people are either withdrawing their savings or are forced to survive by taking loans,” the Congress leader asserted.
“The bottom line is that the economic condition of common people in India is extremely worrying, but the Modi government is completely indifferent….It is clear that instead of the good days promised by the Modi government, days of debt have arrived,” the Congress leader added.
Ramesh has also previously raised concerns about the country’s economic situation when he had warned about three major threats to the economy — stagnation in real income, consumption growth based on debt, and rising inequality.