Congress blames’myopic’ policies for India Inc’s unwillingness to invest and raise salaries.
News Mania Desk / Piyal Chatterjee / 18th December 2024
The Congress accused the Central government on Wednesday for corporate India’s “failure” to generate jobs and investment, stating that the company’s inability to invest or raise pay is a direct result of the Centre’s “myopic” policies. Citing a research, Congress General Secretary Jairam Ramesh said that corporate India is suffocating the middle class and undermining India’s economic story by failing to raise salaries despite larger earnings and paying fewer taxes following GST and tax breaks in 2019.
“In all fairness to India Inc, these failures are squarely the responsibility of the Union government,” Ramesh told reporters. “Here is the government’s track record — indiscriminate corporate tax cuts without linking them to employment creation or investment. Introducing a punitive GST regime, with input tax credits only for corporates. Overseeing and enabling the growing oligopolisation of the market. Introducing a CBI/ED/IT Raid Raj to extort donations from the corporate sector to the BJP,” the Congress leader alleged.
Ramesh also claimed that the government failed to stimulate consumption demand by raising MSP and MGNREGA wages, refused to provide income support despite mounting evidence of wage stagnation and rising debt among the poor and middle classes, and refused to acknowledge the gravity of the mass unemployment crisis.
“Without appropriate consumption, there is little motivation to invest, especially in a political economy that is becoming increasingly cronyistic and corrupt. And with so high unemployment, there is little motivation to raise salaries. “India Inc’s refusal to invest or increase wages is a direct consequence of the Union government’s myopic policy making,” the Congress leader claimed. The opposition party has been frequently blaming the government for the state of the economy, where the country is faced with unemployment and slow growth.
