Indian economy in distress but BJP doesn't understand, says Chidambaram

Senior Congress leader P Chidambaram on Thursday claimed that the Indian economy is in "severe distress" and alleged "the so-called doctors of the BJP" do not care.

In a post on X, the former finance minister said the BJP claims that the Indian economy is in robust health in 2023-24, but has no explanation why net foreign direct investment (FDI) inflows have dropped by 31 per cent.

FDI is a measure of the confidence that foreign investors have in a country, the government and its policies, he pointed out.

Such confidence has declined sharply in 2023-24, Chidambaram said.

"BJP gives certificates to itself. The good certificate must come from foreign and Indian investors. Indian investors have expressed no confidence in the policies of the BJP government during the last three years," he said.

 

That is why the finance minister had to admonish them and, when that failed, beg them to increase their investments, the Congress leader said.

He further said that foreign investors have realised the wrong policies of the BJP and the incompetent management of the Indian economy.

That is why they are taking money out of India and not bringing investment into the country, Chidambaram said.

"Interest rates are high, real wages are stagnant, unemployment is rising and household consumption is falling. These are definite signs of an economy in severe distress. But the so-called doctors of the BJP do not understand or do not care," he said.

The Congress has been attacking the government over its handling of the economy, especially over the issues of unemployment and price rise.