The Congress on Monday hit out on the authorities over its dealing with of the economic system within the wake of a report that the annual revenue of the poorest 20 per cent of Indian households in 2020-21 fell by 53 per cent from their stage in 2015-16. The social gathering demanded {that a} “Gross Economic Mismanagement Index” ought to now be established.
The Congress stated that the central authorities ought to settle for that there’s a big disparity in revenue within the nation. It stated that the Union Budget ought to solely deal with tackling the rising revenue disparity between the wealthy and the poor.
“The entire country bears the brunt of the Covid pandemic but the poor and middle class are the victims of the Modi government’s economic pandemic. The credit for widening the gap between rich and poor goes to the central government,” tweeted senior Congress chief Rahul Gandhi.
The Indian Express reported on Monday {that a} survey performed by People’s Research on India’s Consumer Economy (PRICE), a Mumbai-based assume tank, confirmed that the annual revenue of the poorest 20 p.c of Indian households has been rising steadily since 1995. 53 p.c within the pandemic yr 2020-21 from its stage in 2015-16. And over the identical five-year interval, the richest 20 p.c noticed their annual family revenue enhance by 39 p.c, marking a pointy distinction to the financial impression of Covid on the backside and high of the pyramid.
Addressing a press convention, Congress spokesperson Supriya Shrinate stated that the Oxfam report and Price’s ICE360 Survey 2021 present that the deep rift between wealthy and poor is growing quickly within the nation. “Roughly speaking, 60 per cent of India is earning less today than it was five years ago. And one survey after another is showing this. So there must be some truth in how the division of income is growing,” she stated.
Shrinett stated that “the 20 percent whose income has been halved under the Modi government” had seen their revenue enhance by 183 p.c underneath the UPA between 2004 and 2014. “We lifted 27 percent of people out of poverty. And those whose incomes are still going up. The richest 20 percent are 39 percent richer. Their incomes have increased by 39 percent.”
The Congress stated there was some “deep trouble in the economy” and alleged that the federal government was focusing solely on the wealthy and nicely and their revenue.
Suggesting the Center Institute the Gross Economic Mismanagement Index “so that one knows how badly mismanaged the Indian economy is”, he stated the federal government ought to reply why unemployment is rising, who’s most affected by value rise. And why are company taxes being lower regardless of GST being lower.
And the upcoming funds, she stated, “should only focus on bridging the gap between the rich and the poor… to put money in the hands of the poor, note that urban poverty is increasing manifold…”
The Congress spokesperson additionally stated that rural poverty has additionally worsened “but to some extent”, because the UPA’s Mahatma Gandhi National Rural Employment Guarantee Act protected the agricultural economic system.
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With inputs from TheIndianEXPRESS
