Congress cites RBI data to claim most Indians facing extreme financial distress, slams Centre

New Delhi: The Congress on Thursday alleged that a vast majority of Indian families are facing "extreme levels of Modi-made economic distress" with rise in inflation and debt and a decline in household savings.

Congress general secretary Jairam Ramesh shared an article on X which claimed that the Reserve Bank of India's recently released data on household financial assets and liabilities "paints a disquieting picture – of a contraction in savings, in the context of a slowdown in incomes."

Some fresh and concerning analysis coming out of the RBI’s data:



In addition to household savings rates now at historic lows, income growth adjusted for inflation over the past four years is the slowest in the past 40 years!



Other key findings are

- Net household financial… pic.twitter.com/LsH43SKfDu

— Jairam Ramesh (@Jairam_Ramesh) October 5, 2023

In his post, Ramesh said, "Some fresh and concerning analysis coming out of the RBI's data: In addition to household savings rates now at historic lows, income growth adjusted for inflation over the past four years is the slowest in the past 40 years!"

Other key findings inform that net household financial savings have reduced by a fifth in Fiscal Year 2023, while non-housing borrowing has doubled in FY 2023 which is most likely debt taken on to finance consumption, the Congress general secretary said.

"This data explains why the Modi government is burying the Consumption Expenditure Survey of 2022-23. It will reveal in stark terms how most Indians are getting poorer," he said.

"Clearly, the vast majority of Indian families are facing extreme levels of Modi-made economic distress — rising inflation, rising debt, slowing household consumption, and falling savings. Mr. Modi cannot escape accountability by suppressing data," Ramesh said.

The Congress has been attacking the government over its handling of the economy and raising concerns over increasing unemployment and a rise in household prices.