New Delhi | Asserting that "growing economic inequality" is one of the nation's "most pressing concerns", the Congress on Wednesday demanded that the government acknowledge the reality of this "economic distress", expand employment opportunities, and take concrete steps to rein in inflation.
The opposition party also said that claims of economic development are meaningful only when their benefits reach the common man; otherwise, these statistics tell a story not of progress, but of a widening economic divide.
Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that households invested more money in bank deposits, mutual funds, and other financial assets but their 'new debt' grew much faster, as a result, net household financial savings declined by about 4% to Rs 21.69 lakh crore in the 2025-26 fiscal year, compared to Rs 22.57 lakh crore last year.
In a post in Hindi on X, Ramesh said, "Badhti mehengaai, barhta karz, ghat-ti kamaai, Modi sarkar mein madhyam warg ke hisse aayi sirf tabahi (Rising inflation, mounting debt, shrinking earnings - Under the Modi government, the middle class has faced nothing but devastation)." Ramesh alleged that the Modi government is manipulating data to conceal the true extent of inflation.
"The younger generation is bearing the brunt of a declining economy and dwindling employment opportunities. Data indicates that companies are hiring less, and people are even losing long-held jobs," he said.
Incomes and savings are steadily declining in the face of rising inflation, he argued.
"Household debt is surging, forcing families to borrow just to cover daily expenses. Wages have either stagnated or, when adjusted for inflation, have seen a decline in real purchasing power. While the wealth of the rich and the profits of corporations continue to grow, middle-class families are struggling to manage their household budgets," he said.
In such dire economic conditions, families are forced to dip into their savings just to get by, Ramesh claimed.
The government uses GDP figures to deny the reality, while the middle class and poor families remain deeply anxious about their economic future, he said.
"We demand that the government acknowledge the reality of this economic distress, expand employment opportunities, and take concrete steps to rein in inflation," Ramesh said.
"Modi-ji, Growing economic inequality is one of the nation's most pressing concerns, yet you are fuelling it. GDP figures never reveal who is actually reaping the benefits of growth or whether the lives of ordinary citizens are truly improving," he said.
When a vast share of income and wealth becomes concentrated in the hands of a select few, while ordinary families are forced to live under the crushing pressure of inflation, debt, and dwindling savings - then mere paper statistics like GDP cannot mask the harsh reality on the ground, Ramesh said.
"Claims of economic development are meaningful only when their benefits reach the common man; otherwise, these statistics tell a story not of progress, but of a widening economic divide," he said.
The Congress has been flagging the issue of rising prices and accusing the government of following "anti-people" policies.
The government, however, has dismissed the claims and pointed to the GDP numbers.
