Instead Of ‘Achhe Din’, Days Of Debt Arrived: Cong’s Dig At Modi Govt
Despite increased incomes and under-control inflation, household savings in India decreased for the third consecutive year, a report shows
On Tuesday, the Congress party criticized the central government, asserting that the economic situation for the average Indian citizen is “very worrying.” Congress Rajya Sabha MP and general-secretary for communications, Jairam Ramesh, expressed concerns that instead of the “achhe din” (good days) promised by Prime Minister Modi’s administration, the nation is now facing “days of debt.”
Ramesh referenced a media report from CareEdge, which highlighted a troubling trend: despite an increase in the income of individuals and inflation being under control, household savings have declined for the third consecutive year. He stated, “People’s savings in the country are decreasing, debt is increasing! This clearly means that on one hand inflation is increasing, on the other hand people’s income is decreasing. As a result, people are either withdrawing their savings or are forced to survive by taking loans.”
The Congress leader emphasized the gravity of the situation, claiming, “The bottom line is that the economic condition of the common people in India is very worrying, but the Modi government is completely careless!” His remarks reflect a growing frustration within the party regarding the government’s economic policies and their impact on everyday citizens.
The Congress party has been vocal in its criticism of the government’s economic management, pointing to rising prices, decreasing private investment, and stagnating wages as significant issues affecting the common populace. Ramesh’s comments come in the wake of the CareEdge report, which revealed that India’s household savings have continued to decline, now standing at 18.1 percent of GDP for the financial year 2023–24 (FY24). This marks a significant drop from previous years, with gross domestic savings also declining to 30.7 percent of GDP in FY24, down from 32.2 percent in FY15.
Moreover, the report indicated that household financial liabilities have surged to 6.2 percent of GDP, nearly doubling over the past decade. This trend reflects a growing reliance on credit to meet consumption needs, raising concerns about the financial stability of households across the country.
While inflation has eased, with the consumer price index (CPI) dropping to 3.2 percent in April 2025—the lowest level since August 2019—certain essential commodities continue to see significant price increases. For instance, edible oils have risen by 17.4 percent, and fruits by 13.8 percent, contributing to overall food inflation. Ramesh pointed out that despite the government’s claims of economic progress, the reality for many families is starkly different.
The CareEdge report also noted that the upcoming rabi (winter) harvest, along with healthy reservoir water levels and a forecast of above-normal monsoon, could help stabilize food prices in the near future. However, Ramesh’s comments suggest that the Congress party remains skeptical about the government’s ability to manage the economy effectively.
The Congress party’s critique of the Modi government underscores a growing concern about the economic well-being of ordinary citizens. Ramesh’s assertion that “instead of the ‘achche din’ promised by the Modi government, the days of debt have arrived” encapsulates the party’s stance that the current economic policies are failing to deliver the promised benefits to the people. As the situation evolves, it remains to be seen how the government will respond to these challenges and whether it can regain the trust of the populace in its economic management.
