Mismanagement of economy by govt continues, majority of Indians suffering’

The Congress expressed concern on Wednesday over the economic trends that have come out of a recent RBI bulletin and alleged that the economy has been mismanaged by the BJP-led Centre due to which a vast majority of Indians are suffering.

The opposition party also expressed serious concern over the inflationary trends that have remained above the Reserve Bank of India’s (RBI) threshold level of 4 per cent.

Congress general secretary Jairam Ramesh said the RBI bulletin of October 2023 shows extremely concerning economic trends and demonstrates the Narendra Modi government’s continuing mismanagement of the country’s economy.

Ramesh recalled that in the September bulletin, a range of negative indicators

were revealed, including a 47-year low in the savings growth rate, a stagnation of domestic credit to the private sector and a flat labour-force participation rate.

“The October RBI bulletin confirms this fact -- personal loans were the single largest contributor to bank credit growth in August 2023, and grew at a massive 23 per cent, while gold loans grew at 22 per cent,” the former Union minister said in a statement.

In fact, for the last 15 months, non-housing personal loans have been growing at over 20 per cent -- something that has never happened in at least 15 years -- he claimed.