Finance Minister Nirmala Sitharaman.
Credit: PTI Photo
New Delhi: Blaming the Congress "propaganda" for deterring private investment is "sheer desperation", the party said on Thursday while hitting out at Finance Minister Nirmala Sitharaman for her remarks attacking the opposition.
In an apparent attack on the Opposition, Sitharaman said conspiracy is being carried out to damage India's image and give a message to foreign investors that the country is not safe for investment.
Hitting back at Sitharaman, Congress general secretary in-charge communications Jairam Ramesh said, "Private investment - domestic and foreign - in India, so very vital for accelerating India's economic growth, is still very sluggish and refuses to boom. This is inspite of steep corporate tax cuts and aggressive PR by the non-biological PM and his cheerleaders and drumbeaters." "Now the FM has come up with what she thinks is the answer to this puzzle. In the Lok Sabha yesterday, she blamed what she calls Congress propaganda for deterring private investment. This is sheer desperation," Ramesh said.
She is now pleading helplessness thinking that investment decisions in board rooms are dictated by the words of the main Opposition party, and not by the actions of the government in power, Ramesh said.
"To recall here are the real reasons why private investment as a percentage of GDP has fallen over the past decade. Erratic policy-making, evinced by the senseless demonetisation, the botched GST rollout, and the unplanned COVID-19 lockdown. Rampant cronyism that has led to increasing oligopolisation and restricted the space for competition. The ED/IT/CBI Raid Raj that makes businessmen fearful of expanding investments in India," the Congress leader said.
Replying to a discussion on Budget 2024-25 in the Lok Sabha, Sitharaman had said, "India's social fabric, parliamentary traditions, economy and the armed forces are all four being severely attacked".
If there is instability and anarchy in the country, the journey towards Viksit Bharat will be more difficult, she had said, adding this is a huge challenge.