India's Economic Crossroads: Congress Challenges Modi's Progress
The Congress party has criticized the Indian government's economic progress, claiming the country is at risk of entering a middle income trap under Modi's leadership. The 'Real State of the Economy' report argues that India's GDP growth is insufficient and hindered by unequal opportunities and crony capitalism.
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- Country:
- India
The Congress party has voiced significant concerns over India's economic trajectory under Prime Minister Narendra Modi, asserting that the nation is on the brink of a middle income trap. The critical 'Real State of the Economy' report was launched ahead of the Union Budget.
Released by senior Congress figure and former finance minister P. Chidambaram, the report suggests that a GDP growth rate of 6.4% falls short of what's necessary to harness India's demographic advantages. It highlights issues of inequality, unproductive growth, and financial challenges facing the majority of Indians.
The Congress contends that recent government policies have enriched 'corporate supporters,' with tax cuts favoring large corporations, while small businesses and the common populace bear heavy tax burdens. The report underscores a call for acknowledgment of these challenges to restore economic health and growth in India.
(With inputs from agencies.)