Yechury shares 'disastrous' report on FDI falling, calls new project inaugurations by PM electoral gimmick

New Delhi: Quoting a report which said there has been a sharp decline in fresh investment in the third quarter of the fiscal year 2023-24, Communist Party of India (Marxist) general secretary Sitaram Yechury on Monday said the flood of new projects being inaugurated by Prime Minister Narendra Modi are an 'electoral gimmick'.

Yechury shared a report, which quoted data from investment tracking firm Projects Today. According to the report, new investments slid 46 per cent in Q3 as manufacturing and infrastructure outlays shrank.

"Given this data, the flood of new projects being inaugurated by PM Modi all over the country with much fanfare are purely an electoral gimmick. Given this trend, most of these announcements of new projects are destined not to materialise," Yechury said in a post on X.

"Modi PR, propaganda and spin must be defeated," he said.

The report said the sharp decline in fresh investment witnessed in the October-December 2023 period was spread across almost all major sectors and barring the electricity sector, all other major sectors saw contractions in fresh investments of more than 50 per cent.