Indian Economy Needs Booster Dose: Congress

(Fast Mail):--A research report released by Nuama Institutional Equities on July 16 has raised serious concerns about the current economic situation.

Sharing the report’s key findings on the social media platform X, Congress General Secretary Jairam Ramesh launched a sharp attack on the central government’s economic policies.

Jairam Ramesh wrote that the Indian economy urgently needs a “booster dose,” but the government is preoccupied with “biased corporate policies and tax terrorism.”

He accused the government of pursuing policies that favour only one or two major corporate houses, pushing the country toward economic slowdown.

What’s in the Nuama Report?

The Nuama report serves as an economic warning, highlighting weaknesses in five key areas:High-Frequency Indicators Under Stress:

Indicators such as credit growth, exports, and GST collections have either stagnated or slowed, signaling clear signs of an economic slowdown.

Decline in Private Consumption:

Sales of two-wheelers and four-wheelers, as well as demand in the real estate sector, are growing at a limited pace.

Sluggishness in Industrial Activities:

Since the start of 2025-26, there has been a decline in electricity and diesel consumption, reduced sales of heavy vehicles, and sluggish growth in core sectors, indicating pressure on the industrial sector.

Agricultural product prices have remained consistently low, adversely affecting rural income and demand.

Corporates in Cost-Cutting Mode:

The corporate sector is focused on increasing free cash flow by cutting capital expenditure and salaries, directly impacting employment and investment.

Jairam Ramesh’s Direct Attack

Sharing the report, Jairam Ramesh wrote, “It is clear that the economy needs a booster dose, and that will only come when tax terrorism stops, comprehensive GST reforms are implemented, and those in power start listening to the broader industry beyond just one or two corporate houses.”

He further stated that the central government’s priorities have strayed from the economic well-being of common people and are now focused solely on optics and publicity.

Opposition vs. Government: A New Debate on Economic Policy

The Nuama report has given the opposition another opportunity to question the government’s economic strategy. While the government has so far highlighted robust GDP growth and foreign investment figures, this report points to the ground reality felt by ordinary citizens and small businesses every day.