Congress Critiques Economic Model, Cites Low Private Investment Ahead of Budget

Congress leader Jairam Ramesh criticized the Modi government's economic model, describing the reported inflation-adjusted GDP growth rates as deceptive due to low price deflators linked to stagnant income levels outside the top earners. He highlighted that despite corporate India having strong cash reserves and profits, private investment remains low, with companies favoring financial markets over capacity expansion. Ramesh attributed this to a political economy favoring government-backed market leaders and an environment of 'Fear, Deception, and Intimidation' affecting enterprises, urging the upcoming Budget to address these issues.