Key Points
Asserting that India is in its most precarious and difficult economic situation in many years, the Congress on Wednesday said wage stagnation, inflation and inequality are undermining consumption growth in the country...
He said that for the past three decades, the India growth story was one of consumption growth the story of crores of families escaping poverty and entering the middle class, newly able to afford products and acquire assets...
On high inflation, Ramesh said that as Dr Viral Acharya, former deputy governor of the Reserve Bank of India, has noted, the last decade has seen the emergence of five big conglomerates, including the Adani Group, who are building monopolies in 40 sectors, including cement, chemicals, petrol and construction.. In 2015, when a common man used to purchase Rs 100 worth of goods, he was paying 18 per cent to the industrialist owner but today, he is now paying Rs 36 in profits to the same owner, he claimed...
Wage stagnation, inflation, and inequality are not just political issues - they are structurally corrosive to Indias long-term growth prospects, Ramesh said.. They undermine Indias consumption growth and deprive the private sector of its single-most important incentive to invest, he said...
The Congress had last week also flagged concerns over the economic situation of the country, saying inequality, wage stagnation and inflation were structurally corrosive to Indias long-term growth prospects and urged the government to address concerns over the growing financialisation of the Indian economy...
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