Section

Inequality, inflation 'structurally corrosive' to growth prospects: Cong

By Business Standard - 4 weeks ago
The Congress on Friday said inequality, wage stagnation and inflation were "structurally corrosive" to India's long-term growth prospects and urged the government to address concerns over the growing financialisation of the Indian economy. Congress general secretary in-charge communications Jairam Ramesh said the centrality of increasing the rates of private investment as a percentage of GDP in order to sustain higher rates of economic growth was incontrovertible. These rates have fallen from 33.4 per cent (2004-2014) to 28.7 per cent (2014-2023), he said. Ramesh shared an article by a noted public finance economist and said it revealed issues that were a further cause for concern. Citing the article, Ramesh said the share of passive income -- income from rent, dividends, capital gains, etc -- in the total reported income had increased from 16 per cent in 2016-17 to 24 per cent in 2023-2024. For the corporate sector, the share of passive income (income outside of operating profits

Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.