Congress Criticizes Modi's Economic Policies as Favoring Big Businesses

The Congress party accuses the Modi government of favoring large business groups, stating this strategy doesn't contribute to economic growth but rather exacerbates inflation. Congress general secretary Jairam Ramesh argues that industrial concentration is rising, negatively impacting consumers, and advocates for a focus on supporting small and medium enterprises.

On Monday, the Congress party voiced strong criticism against the Modi government's economic policies, asserting that the administration favors large business conglomerates over fostering balanced economic growth. Congress general secretary Jairam Ramesh highlighted the discrepancy between the government's claims of industrial growth and the actual decline in the industry's share of GDP.

Ramesh pointed out that the concentration of business power within a 'G5' of major players is advancing at the expense of the 'G20', leading to increased prices for consumers and contributing to inflation. According to Ramesh, this trend contradicts the BJP government's proclamations of economic prosperity.

The party contends that a robust support system for small and medium-sized enterprises is essential for genuine economic growth. Furthermore, Congress challenged the government's stance on inequality, citing concerns over crony capitalism and contrasting official claims of decreasing inequality with the adverse economic realities many Indians face.