Congress Slams Modi Govt for Cronyism and Market Monopolies

The Congress has accused the Modi government of indulging in cronyism, emphasizing the need for market expansion without fostering monopolies. General Secretary Jairam Ramesh highlighted increasing market concentration under Prime Minister Modi's leadership, attributing economic issues to the monopolistic practices of major conglomerates.

The Congress has launched a scathing critique of the Modi government, accusing it of engaging in 'cronyism' and stressing the importance of preventing monopolies. Jairam Ramesh, Congress General Secretary in-charge of communications, emphasized the need for market expansion without hindering competition.

Ramesh pointed out that market concentration has surged since Prime Minister Modi took office, citing industries like telecom, airlines, cement, steel, and tires as examples. He referenced a media report on X, which claimed that top players have cornered larger shares of the market in these key sectors through both organic growth and acquisitions.

The Congress leader underscored the economic ramifications of this trend, including shaky economic growth, unemployment, and high inflation. Comparing past and present profit margins, Ramesh called for government intervention to ensure fair competition and prevent the undue influence of political connections.

(With inputs from agencies.)