Karnataka Minister Slams 'Modinomics', Criticizes Central Economic Policies

Karnataka Minister Priyank Kharge criticized the central government's economic policies, dubbing them 'Modinomics', and expressed dissatisfaction over the handling of issues like unemployment and farmers' protests. He also denounced key initiatives such as Make in India, noting their failure to deliver tangible results. Kharge highlighted Karnataka's neglect in tax issues.

Karnataka Minister Priyank Kharge has lambasted the central government's economic strategy, coining the term 'Modinomics' to describe policies he claims have caused significant economic distress.

Kharge singled out high unemployment rates, the closure of Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs), and ongoing farmers' protests as critical issues resulting from these policies. Furthermore, he criticized flagship government initiatives like Make in India, Skill India, and Digital India for failing to achieve their intended impacts.

Expressing skepticism ahead of the Union Budget 2025 presentation by Finance Minister Nirmala Sitharaman, Kharge also voiced concern over Karnataka's marginalization in terms of tax devolution and equitable treatment, despite the state's electoral support for the ruling party.

Kharge further took issue with the lack of Foreign Direct Investment, highlighting a recent withdrawal exceeding nine billion dollars. Despite Karnataka's contributions, he claims the state has been overlooked in areas like tax sharing under this economic model.

Union Finance Minister Nirmala Sitharaman will present the budget at 11 AM in the Lok Sabha today, outlining the government's fiscal policies amid an Economic Survey forecasting a GDP growth between 6.3% and 6.8% for the fiscal year 2025-26.

(With inputs from agencies.)