Congress claims the urban middle class is "shrinking", questions Prime Minister

The Congress on Wednesday highlighted serious economic issues that have impacted consumption patterns pointing to a shrinking urban middle class and questioning when Prime Minister Narendra Modi will acknowledge this reality PTI reportedCongress general secretary incharge of communications Jairam Ramesh said that in the past few weeks many leading lights from India Inc have highlighted the tremendous slowdown in household private consumption even in the previously redhot FMCG sector PTI reportedNow a new report by the wellregarded Marcellus Investment Managers reveals three major economic challenges that have affected consumption patterns he saidRamesh highlighted the issue of worsening household balance sheets stating that according to the RBIs figures net household savings as a percentage of GDP are at their lowest level in almost 50 yearsMounting unsecured loans has reduced net savings leaving families with less disposable income he said PTI citedHe also mentioned a cyclical economic slowdown and that Indias postCovid rebound had burned out Corporate earnings in Q2 FY25 fell the most in two decades with the exception of disasters like the 2008 financial meltdown according to RameshAs per PTI referring to technological disruptions Ramesh stated that routine and repetitive jobs that were previously the foundation of middleclass employment are increasingly being displaced by costcutting strategies such as automation and outsourcingThe urban middle class has been disproportionately affected and is shrinking When will the PM recognise this reality the Congress leader saidThe Congress has criticized the governments handling of the economy voicing concerns about increasing unemployment and price increasesINDIA bloc calls for a Joint Parliament Committee investigation on Modani scam says Congress MP Jairam RameshCongress MP and General Secretary incharge Communications Jairam Ramesh said on Monday that the Modani issue rocked both houses of Parliament reported the ANIThe Modani issue rocked both the Lok Sabha and Rajya Sabha today INDIA parties called for a Joint Parliamentary Committee investigation into the Modani scam the case for which has been reinforced by the recent indictments of Adanis bribery and suppression of information from Indian and American regulators said Jairam Ramesh in a post on X formerly TwitterThe Modani issue rocked both the Lok Sabha and Rajya Sabha today INDIA parties called for a Joint Parliamentary Committee investigation into the Modani scam the case for which has been reinforced by the recent indictments of Adanis bribery and supression of information fromhellipmdash Jairam Ramesh Jairam_Ramesh November 25 2024Earlier on Monday INDIA bloc leaders held a meeting before the commencement of the parliament session The leaders demanded to hold discussions on the Adani indictment stated ANIAs the Parliament session begins the first step the government should take is to have a detailed discussion on the Adani saga which has the potential to tarnish Indiarsquos image on the global stageWith inputs from PTI and ANI