'The most astounding claim is...': Congress' Jairam Ramesh calls Economic Survey 2024 a 'cherry-picked view'

The Congress on Monday took a potshot at the Economic Survey, by saying that it is a "cherry-picked view" that paints an overly positive picture of the economy. They expressed hope that the upcoming Budget will include proposals that address the country's actual issues.

Congress General Secretary (Communications) Jairam Ramesh said in a statement that the Economic Survey must have been a "difficult document" for Prime Minister Narendra Modi's "spin masters" to create because the economic situation is so dire that some harsh realities still come through.

He further pointed out that the Economic Survey highlights the need to create nearly 8 million jobs annually for the next 20 years. He also mentioned that job creation in the manufacturing sector has been weak over the past decade, despite the "Make in India" initiative's promotion.

“What is not said, however, is that the Union government’s current strategy is entirely reliant on data manipulation and 'pakodanomics'. Achieving the 80 lakh job target requires a decided shift in the government’s larger economic strategy,” he said.

He claimed that the Economic Survey wouldn't be a Modi government document "without some completely ridiculous lies." He added, "The most shameful of them all is the astounding claim that abject poverty has nearly been eliminated."

Ramesh stated that half of all Indians cannot afford three meals a day, one in three children are stunted, one in four children are not fully immunized, and about two-thirds rely on free food grains from the National Food Security Act.

“India is in its most precarious and difficult economic situation in many years. The Economic Survey might present a cherry-picked view of the economy, but we hope that tomorrow’s Budget faces up to the country’s realities,” he said. He added that if Finance Minister Nirmala Sitharaman needs ideas, she can refer to Congress's manifesto, 'Nyay Patra 2024'.

"The Economic Survey showed that the food inflation remains unchecked, while economic recovery after Covid-19 has been deeply unequal. The housing sector has now declined to 2013 levels, while trade policy failure has contributed to the decimation of manufacturing capabilities," he said.

Ramesh criticized the Modi government's "anti-farmer mindset," highlighted in the Economic Survey. He alleged that unplanned export bans and an influx of cheap imports have severely hurt farmer incomes.

He also claimed that the Economic Survey acknowledged the government's "failure" in generating private investment. He criticized the government's approach to the corporate sector, stating that it has provided generous handouts, such as a Rs 1.5 lakh crore corporate tax cut and Rs 2 lakh crore PLI, without directly incentivizing investment or hiring

Jairam added that while standard operating procedures (SOPs) have led to record profits, private investment has not increased. The Economic Survey highlighted that India’s slow investment in manufacturing, engineering, and intellectual property is impacting manufacturing growth and formal employment. He also noted that Research and Development, crucial for long-term growth, has stagnated and is now a lower percentage of GDP compared to 2014, when Manmohan Singh was in office.