Young people bearing the brunt
Ramesh claimed that young people were being hit hardest by the state of the economy and shrinking employment opportunities. According to him, companies were hiring fewer people than before, while many workers were losing jobs they had held for years.
The Congress leader said incomes and savings were declining relative to inflation, even as the debt burden on households was rising rapidly. He claimed that wages had either stagnated or, when adjusted for inflation, people’s real purchasing power had declined.
While the wealth of the rich and corporate profits were increasing, Ramesh alleged, middle-class families were finding it increasingly difficult to manage their household budgets.
GDP figures cannot conceal ground realities
The Congress leader alleged that families were being forced to dip into their savings to make ends meet amid difficult economic conditions, while the government was citing gross domestic product (GDP) figures to deny the reality on the ground.
‘GDP figures never tell us who is benefiting from growth and how much better the lives of ordinary people have become,’ he said.
Ramesh claimed that GDP figures could not conceal ground realities when a large share of income and wealth was concentrated in the hands of a few, while ordinary households were struggling with inflation, debt and dwindling savings.
He said claims of economic growth would be meaningful only if its benefits reached ordinary people. ‘Our clear demand is that the government acknowledge the reality of economic distress, increase employment opportunities and take concrete steps to control inflation,’ Ramesh said.
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