India on ‘Job Loss’ Path; Youth Unemployment Highest: Congress

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Congress Releases State of Economy Report Ahead of Budget 2025

By Raisina Correspondent

New Delhi, January 30: The Congress on Thursday released a state of the economy report to claim that the Indian economy is now on “job loss” growth path. The Congress report stated that 29.1 per cent graduates faced unemployment.

Releasing a state of the economy report ahead of the unveiling of the Union Budget, former Union Finance Minister P Chidambaram said that the “Indian economy is now firmly in a middle-income group”. “The economic growth is now on job loss path. The economy in place of creating jobs is destroying the employment,” added Chidambaram.

“PM Narendra Modi promised two crore jobs a year. Instead, there is massive job destruction – we have job-loss growth,” said the Congress in its report.

One out of two youth was unemployed in 2022-23 (45.4 per cent), said the Congress report. It added that “education is not delivering jobs”.

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“Graduates face 29.1 per cent unemployment rate. Manufacturing jobs have declined. People are moving back to the farm – to underemployment,” added the Congress.

The Opposition party stated that the report was prepared on the basis of data released by the government agencies, World Bank, and other entities. The Congress also stated that the women are badly hit.

The report said that a decade of the BJP-led government delivered average growth of six per cent while it was 7.6 per cent under the UPA dispensation (2004-14)).

The report also stated that the slow growth rate will push India into “Middle Income Trap”. Low growth rate will cost India its historic demographic dividend, added the Congress report.

“Per capita income growing at 4.52 per cent since 2014. India’s per capita income has fallen below Bangladesh,” added the Congress report.

The Opposition party also stated that 34 per cent of Indians survive on less than ₹100 per day. “Income inequality is worse than under British rule. Top one per cent control over 40 per cent of wealth,” added the Congress report.

The Congress report also claimed that “real wages for salaried workers declined one per cent annually since 2014”. “Household savings are now at a 47-year low. Consumption growth is at 20-year low, which fell to four per cent in 2023-24,” added the Congress in its report.

The Opposition party in its report also stated that “household debt has soared at record 39 per cent of GDP tied up in debt”. “Agriculture sector growth fell from 4.7 per cent in 2022-23 to 1.4 per cent in 2023-24. PM Fasal Bima Yojana benefits insurance industry, not farmers,” added the Congress in its report.

Over 55 per cent of farm families are in debt with an average liability ₹91,231, added the Congress report on the state of economy. More than one lakh farmers died by suicides between 2014-22, alleged the Congress.

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