'Hum Do Humaare Do-isation' of economy disincentivising growth in private investment: Cong

New Delhi: The Congress on Thursday claimed that the headline numbers for inflation-adjusted GDP growth rates are "deceptive" and asserted that the 'Hum Do Humaare Do-isation' of the economy where the market leaders emerge from government patronage rather than innovation will only disincentivise growth in private investment.

Congress general secretary in-charge communications Jairam Ramesh also claimed that an atmosphere of "Fear, Deception, and Intimidation (FDI)" hovers around the enterprise community.

"The headline numbers for inflation-adjusted GDP growth rates are deceptive. The price deflators are themselves very low and hence these rates get magnified," Ramesh said on X.

The headline numbers for inflation-adjusted GDP growth rates are deceptive. The price deflators are themselves very low and hence these rates get magnified. Low price deflators may cause cheer to the Modi Govt but they are the result of low consumer demand on account of income… pic.twitter.com/AUq9yZM9yb

— Jairam Ramesh (@Jairam_Ramesh) January 15, 2026

"Low price deflators may cause cheer to the Modi Govt but they are the result of low consumer demand on account of income levels which have stagnated outside the very top of the pyramid," the Congress leader said.

Noting that corporate India is flush with cash and profits are at record highs and debt at record lows, Ramesh said the question that the forthcoming Budget has to address boldly is simply this - why are companies more focused on managing wealth in financial markets instead of making investments in capacity expansion.

"The investment climate clearly needs a huge booster dose. The slew of tax cuts have clearly failed to stimulate demand," he claimed.

The answer unfortunately goes beyond fiscal decisions but points to the political economy model of the Modi government, Ramesh said.

"The 'Hum Do Humaare Do-isation of the economy, where the market leaders emerge from government patronage rather than innovation will only disincentivise growth in private investment - especially when coupled with the atmosphere of Fear, Deception, and Intimidation (FDI) that hovers around the enterprise community," Ramesh said.

He also shared on X a piece by a business daily which claimed that strong balance sheets are not leading to higher investment.

The Congress attack on the government came ahead of the Union Budget presentation on February 1.