Congress slams authorities, says stagnant wages led to financial stoop | India Information – Occasions of India

NEW DELHI: Congress on Saturday attacked the Modi govt over India’s financial progress slowing to close two-year low with the get together’s basic secretary in-charge of communications Jairam Ramesh saying that the GDP progress figures launched on Friday for July-Sept are a lot worse than anticipated, with India recording a measly 5.4% progress and consumption equally rising by an unimpressive 6%.
“The PM and his cheerleaders are wilfully blind to the causes of this sharp slowdown, however a brand new report on ‘Labour Dynamics of Indian States’ launched by a number one Mumbai-based monetary info companies firm, India Rankings and Analysis, reveals its actual trigger: stagnant wages,” Ramesh mentioned in a press release.
He went on to spotlight that that the report makes use of Periodic Labour Power Survey knowledge to point out that general actual wage (adjusted for worth rise in every state) progress on the nationwide stage has been flat at 0.01% over the past 5 years.
“Actually, employees in Haryana, Assam, and UP have seen their actual wages decline in the identical interval. That is hardly the exception – practically every bit of proof factors to this identical damning conclusion: that the common Indian can purchase much less right now than they may 10 years in the past. That is the last word root trigger for India’s progress slowdown, and a number of sources of knowledge have now confirmed this wage stagnation,” he alleged.
“The elemental trigger for that is stagnant wages for crores of employees. How lengthy will this grim actuality proceed to be ignored? The folks of India proceed to stay in hope whereas the Prime Minister generates hype,” he mentioned.