Ordinary households and small businesses are under intense pressure in the face of high unemployment and inflation levels and the Union government is too inept to fix it, Congress General Secretary in-charge of Communications, Jairam Ramesh, said in a statement issued on Sunday, citing various data points from the Reserve Bank of India’s latest bulletin and other sources.
Countering the government’s claims that savings had declined because people were buying cars and homes, Mr. Ramesh pointed to RBI data showing a 23% increase in gold loans and 29% increase in personal loans in the last one year — calling these “clear signs of distress, as people go into debt to meet basic expenses”.
While posting the statement on X, Mr. Ramesh wrote, “No matter how much the Modi government hides the data, the reality is that the vast majority of people are suffering. Our statement highlighting some of the facts reported last week — mainly from the September RBI Bulletin — that are being brushed under the carpet.”
