The people of India are living in hope and the Prime Minister is busy creating hype… Congress targets the Center on inflation and economic situation.

New Delhi: Citing GDP figures, Congress on Saturday alleged that there is a slowdown in India’s development, but Prime Minister Narendra Modi is busy in publicity. Congress general secretary Jairam Ramesh also said that the quarterly GDP growth data shows that private investment remains sluggish and medium and long-term economic potential is fast eroding. he/she said that the root cause of the situation is the lack of increase in the wages of the workers.

‘PM is ignoring the reasons for recession’

Jairam Ramesh said in a post on social media platform ‘X’, ‘The GDP growth figures released yesterday evening for July to September 2024 are much worse than expected. India has registered a marginal growth of 5.4 percent and the growth in consumption is also only 6 percent. he/she claimed that the Prime Minister and his/her ‘cheerleaders’ are deliberately ignoring the causes of this recession, but a new report titled ‘Label Dynamics of Indian States’ by India Ratings and Research, a leading financial information services company, reveals the real reason. , which is a fixed wage.

“The report uses the Periodic Labor Force Survey to show that overall real wage growth at the national level (adjusted for inflation in each state) has remained stable at 0.01 per cent over the past five years,” Ramesh said. ”

‘Indians are able to buy less’

The Congress leader said, “In fact, workers in Haryana, Assam and Uttar Pradesh have seen a decline in real wages during the same period.” This is no exception – almost every evidence and fact points to the same devastating conclusion that the average Indian is able to buy less today than he/she did 10 years ago, his/her purchasing power has declined. This is the ultimate root cause of the slowdown in India’s development.

‘There has been a decline in the wages of agricultural laborers’

According to them, workers’ real wages have remained stagnant between 2014-2023 and have actually declined between 2019-2024. Ramesh said that during the tenure of Manmohan Singh, the real wages of agricultural laborers increased at the rate of 6.8 percent every year, while during the tenure of Prime Minister Modi, the real wages of agricultural laborers declined by 1.3 percent every year.

he/she said, ‘It is no surprise that the quarterly GDP growth data shows that private investment remains sluggish. Our medium and long term economic potential is being eroded rapidly. The basic reason for this is the stable wages of crores of workers. Ramesh asked that for how long will this serious reality continue to be ignored? he/she said, ‘The people of India are living in hope while the Prime Minister is only busy in creating hype.’