In 'Modi Raj', India's inequality levels surpassed that of 'British Raj': Jairam Ramesh
The Congress party alleges that under the Modi government, India's inequality has exceeded levels seen during British colonial rule, fueled by monopolization and wage stagnation. Citing a Capgemini report, they highlight the addition of 33,000 new millionaires in 2024 alongside an 8.8% rise in HNWI wealth.
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The Congress on Tuesday claimed that in "Modi Raj", India's inequality levels have surpassed that of the "colonial British Raj" with "monopolisation" in key sectors and "stagnation" of wages for the average Indian.Congress general secretary in-charge communications Jairam Ramesh attacked the government, citing a report by Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi", India added more than 33,000 new 'khaas Aadmi' millionaires in 2024."Here's what we know about the Modi Government's track record in deepening economic inequality over the past eleven years -- In Modi Raj, India's inequality levels have surpassed that of the colonial British Raj. Monopolisation in key sectors has led to large scale price rise for the people. Wages for the average Indian have stagnated in the last ten years across the spectrum, for everyone from rural agricultural labourers to salaried middle classes," Ramesh said.Now comes a report from Capgemini Research Institute which shows that "amidst this large-scale despondency for the Aam Aadmi India added more than 33,000 new khaas Aadmi millionaires in 2024", he said.India also saw an 8.8% rise in HNWI (high net worth individuals) collective wealth, Ramesh said."In other words, the Modi Raj elite are continuing to grow in record numbers and continuing to grow their wealth at astonishing rates," he said in a post on X."Not only is this unjust and unsustainable, it also represents a threat to our growth. The report also notes that next-gen HNWIs plan to boost offshore assets by 2030. The wealth that is being concentrated among the elite is therefore set to leave India at increasingly more rapid rates," the Congress leader claimed."This is a drain of wealth that India cannot afford, but which is directly attributable to these pernicious inequalities," Ramesh said.
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