Congress cites inflation data, claims India is in worst economic crisis

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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.

These chokepoints will strangulate growth in the years to come if not taken seriously now, Congress general secretary in-charge communications Jairam Ramesh said in a statement.

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Category: BusinessFinance

Markets: India

Topics: Chemicals Real wages Secular stagnation Economic stagnation Raj Jairam Ramesh Inflation Viral Acharya Market trends Big conglomerates Intellectual property products Leading CEO Machinery Business cycle Congress Deputy governor Adani Group Leader Banks (NEC) Cement Unemployment In-charge communications Economic growth Narendra Modi Consumer Goods Conglomerates Bank of India The reserve bank of india Era of Stagnation General secretary

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News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 13:33:42 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 810 words

Reading Time: 5 minutes read

Sentences: 23 lines

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News ID: 23336196

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