The Congress on Friday said the economy needs a “huge booster dose” and asserted that will happen only when drastic reform of GST takes place, atmosphere of tax terrorism is ended, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned.
Congress general secretary in-charge communications Jairam Ramesh cited a research report issued by Nuvama Institutional Equities on Wednesday, and said it has underscored some concerns on the current state of the Indian economy.
“It highlights the following: Key High Frequency Indicators are slowing or remain subdued. These include credit and exports as well as GST collections. Private consumption is also not gathering momentum. These include real estate, 2-wheeler, and 4-wheeler sales,” Ramesh said on X.
Citing the report, he said industry is off to a weak start in 2025/26 with a similar trend in electricity and diesel consumption as well as medium and heavy commercial vehicles. Eight core industries are showing poor growth.
“Agricultural prices, determinants of well-being in rural India, remain weak. Corporates continue to stay cashflow focused and are now cutting wages and capital expenditure to lift their already high free cashflows,” he further said, citing the report.
“It is abundantly clear that the economy needs a huge booster dose. That will happen only when drastic reform of GST takes place, when the atmosphere of tax terrorism ends, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned,” Ramesh said.
The Congress has been attacking the government over its handling of the economy, claiming the issues of rising prices, decreasing private investment and stagnating wages were hitting the common people hard. (Agencies)
