NEW DELHI: Asserting that the last 10 years have seen “highly detrimental economic trends”, the Congress on Sunday said the monsoon has receded but at least “three dark clouds” of languishing private sector investment, stagnating manufacturing and decline in real wages and productivity for labourers, still loom over the Indian economy.Congress general secretary in-charge communications Jairam Ramesh said bombastic claims on the economy are being made by Prime Minister Narendra Modi, but what these claims conceal are the choke points that will strangulate growth in the years to come if not taken seriously now.After a brief surge in private sector investment during 2022-23, new project announcements in the private sector fell by 21 per cent between FY23 and FY24, he pointed out.In this context, rather than growing their businesses, companies are using profits to reduce debt burdens, he claimed.”We are witnessing a growing financialisation of the Indian economy, with India Inc. – perhaps taking its cue from the government – focusing on stock market valuations rather than top-line revenue growth,” Ramesh said.
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