Indian economy: Senior Congress leader P Chidambaram took a swipe at the central government, claiming that the Indian economy is in "severe distress" and alleged "the so-called doctors of the BJP" do not care. It is pertinent to mention that Congress has been consistently criticising the government for its management of the economy, particularly concerning matters of rising unemployment and inflation.
Chidambaram on Indian economy
Former Finance Minister, in an X post, said that the BJP claims that the Indian economy is in robust health in 2023-24, but has no explanation why net foreign direct investment (FDI) inflows have dropped by 31 per cent.
He pointed out a 31 per cent drop in net foreign direct investment (FDI), which according to him, is a "measure of the confidence" that foreign investors have in a country, the government and its policies.
The Congress leader said, "BJP gives certificates to itself. The good certificate must come from foreign and Indian investors."
Chidambaram on high interest rates, unemployment
He also asserted that Indian investors have expressed no confidence in the BJP government's policies during the past three years. "That is why the Finance Minister had to admonish them and, when that failed, beg them to increase their investments," he said.
“Interest rates are high, real wages are stagnant, unemployment is rising and household consumption is falling. These are definite signs of an economy in severe distress. But the so-called doctors of the BJP do not understand or do not care,” the Congress leader said.
Chidambaram further stated that foreign investors have "realised the wrong policies" of the BJP and the "incompetent management" of the Indian economy. "That is why they are taking money OUT of India and not bringing investment INTO India," he added.
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