Indian financial system: Senior Congress chief P Chidambaram took a swipe on the central authorities, claiming that the Indian financial system is in “severe distress” and alleged “the so-called doctors of the BJP” don’t care. It is pertinent to say that Congress has been constantly criticising the federal government for its administration of the financial system, notably regarding issues of rising unemployment and inflation.
Chidambaram on Indian financial system
Former Finance Minister, in an X submit, mentioned that the BJP claims that the Indian financial system is in sturdy well being in 2023-24, however has no reason why internet overseas direct funding (FDI) inflows have dropped by 31 per cent.
He identified a 31 per cent drop in internet overseas direct funding (FDI), which in keeping with him, is a “measure of the confidence” that overseas buyers have in a rustic, the federal government and its insurance policies.
The Congress chief mentioned, “BJP gives certificates to itself. The good certificate must come from foreign and Indian investors.”
Chidambaram on excessive rates of interest, unemployment
He additionally asserted that Indian buyers have expressed no confidence within the BJP authorities’s insurance policies throughout the previous three years. “That is why the Finance Minister had to admonish them and, when that failed, beg them to increase their investments,” he mentioned.
“Interest rates are high, real wages are stagnant, unemployment is rising and household consumption is falling. These are definite signs of an economy in severe distress. But the so-called doctors of the BJP do not understand or do not care,” the Congress chief mentioned.
Chidambaram additional acknowledged that overseas buyers have “realised the wrong policies” of the BJP and the “incompetent management” of the Indian financial system. “That is why they are taking money OUT of India and not bringing investment INTO India,” he added.
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