Asserting that India is in its “most precarious and difficult” economic situation in many years, the Congress on Wednesday said wage stagnation, inflation and inequality are undermining consumption growth in the country.
These chokepoints will strangulate growth in the years to come if not taken seriously now, Congress general secretary in-charge communications Jairam Ramesh said in a statement.
He said that for the past three decades, the India growth story was one of consumption growth – the story of crores of families escaping poverty and entering the middle class, newly able to afford products and acquire assets.
It was the sign of a thriving economy, one that was growing rapidly and distributing its gains widely, the Congress leader said.