New Delhi: The Congress released its All India Congress Committee’s annual report, Real State of the Economy 2026. The AICC Research Department chairman and former MP Rajeev Gowda said the economy under the Modi government had become a case of “growth for a few and hardship for many”. Corporate profits, he noted, were rising sharply, while employment generation, social protection and data transparency were deteriorating.
According to the report, inequality in India has widened dramatically, with the top 10% now accounting for 58% of national income, while the bottom half receives just 15%. The top 1% owns about 40% of national wealth, compared to 6.4% held by the bottom 50%. At the same time, the tax burden has shifted towards ordinary citizens, with individuals’ share in direct taxes rising from 38.1% in 2013-14 to 53.4% in 2023-24, even as corporate taxes were cut.
The report also flagged a “jobless growth” pattern. Manufacturing and services have seen a decline in employment share between 2017-18 and 2023-24, while agriculture employment has risen, signalling a return to low-productivity work. Corporate profits have grown by more than 22% in 2023-24, but job growth remained limited to 1.5%. Youth unemployment stood at 15% in September 2025, rising to 18.4% in urban areas, with one in four urban young women unable to find work.