As a substitute of promised achhe din, days of debt arrived: Cong’s dig at Modi govt

Taking a swipe on the Centre, the Congress on Tuesday claimed that the financial situation of the widespread folks in India is “very worrying” and that as an alternative of the achhe din (good days) promised by the Modi authorities, days of debt have arrived.

Congress Rajya Sabha MP and general-secretary (communications) Jairam Ramesh cited a media report which claimed that regardless of a rise in revenue of individuals within the nation and inflation being underneath management, family financial savings have decreased for the third consecutive 12 months.

“Folks’s financial savings within the nation are reducing, debt is growing! This clearly signifies that on one hand inflation is growing, alternatively folks’s revenue is reducing. Because of this, individuals are both withdrawing their financial savings or are pressured to outlive by taking loans,” Ramesh mentioned in a publish in Hindi on X.

“The underside line is that the financial situation of the widespread folks in India may be very worrying, however the Modi authorities is totally careless!” he alleged.

“It’s clear that as an alternative of the ‘achche din’ promised by the Modi authorities, the times of debt have arrived,” Ramesh mentioned, taking a swipe on the authorities.

The Congress has been attacking the federal government over its dealing with of the financial system, claiming the problems of rising costs, reducing non-public funding and stagnating wages have been hitting the widespread folks onerous.

The report which Ramesh cited comes from CareEdge, which revealed that India’s family financial savings continued their downward trajectory for the third consecutive 12 months, slipping to 18.1 per cent of GDP within the monetary 12 months 2023–24 (FY24).

The report additionally confirmed that gross home financial savings declined to 30.7 per cent of GDP in FY24, down from 32.2 per cent in FY15. In the meantime, family monetary liabilities rose to six.2 per cent of GDP — almost doubling over the previous decade — reflecting a rising reliance on credit score to satisfy consumption wants.

On the subject of inflation, the buyer worth index (CPI) eased to three.2 per cent in April 2025, the bottom since August 2019. Nonetheless, excessive costs of edible oils (17.4 per cent) and fruits (13.8 per cent) proceed to drive total meals inflation. The upcoming rabi (winter) harvest, wholesome reservoir water ranges, and a forecast of above-normal monsoons are anticipated to additional help meals worth stability, the report famous.

With PTI inputs