UDAIPUR: The Congress said on Saturday that the situation of the Indian economy is a source of grave concern because foreign exchange reserves have dwindled, and that economic policies must be re-set.
Mentioning that in the ongoing 'Chintan Shivir' the state of the economy featured prominently in the deliberations, P. Chidbambaram the convenor of the committee on economy said as follows:- "Our group has 60 members." Over the course of four hours yesterday, 37 members voiced their opinions. Today and tomorrow, the debates will continue."
The party has come to the conclusion that the status of the Indian economy is quite concerning. In the last eight years, the current government has emphasised a slower rate of growth. The recovery from the pandemic has been uneven and slow. In the last five months, growth forecasts for 2022-23 have been revised downward." According to the report, inflation has reached unacceptable levels and is on the rise. Inflation is 14.55 percent in the WPI and 7.79 percent in the CPI.
"The government is essentially fuelling inflation with its bad policies," Chidambaram added, citing high taxes on petrol and diesel, high charged prices, and high GST tax rates as examples.
In its deliberations, the party stated that the job situation had never been worse. The labour force participation rate (LFPR) is at an all-time low of 40.38 percent, with an unemployment rate of 7.83 percent.
"We maintain our claim that social services spending as a percentage of total spending has decreased to 5% (in 8 years) from 9% in the ten years between 2004 and 2014," he said.