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Instead of promised achhe din, days of debt arrived: Cong's dig at Modi govt

National Herald | June 18, 2025 1:39 AM CST

Taking a swipe at the Centre, the Congress on Tuesday claimed that the economic condition of the common people in India is "very worrying" and that instead of the achhe din (good days) promised by the Modi government, days of debt have arrived.

Congress Rajya Sabha MP and general-secretary (communications) Jairam Ramesh cited a media report which claimed that despite an increase in income of people in the country and inflation being under control, household savings have decreased for the third consecutive year.

"People's savings in the country are decreasing, debt is increasing! This clearly means that on one hand inflation is increasing, on the other hand people's income is decreasing. As a result, people are either withdrawing their savings or are forced to survive by taking loans," Ramesh said in a post in Hindi on X.

"The bottom line is that of the common people in India is very worrying, but the Modi government is completely careless!" he alleged.

"It is clear that instead of the 'achche din' promised by the Modi government, the days of debt have arrived," Ramesh said, taking a swipe at the government.

The Congress has been attacking the government over its handling of the economy, claiming the issues of rising prices, decreasing private investment and stagnating wages were hitting the common people hard.

The report which Ramesh cited comes from CareEdge, which revealed that India’s household savings continued their downward trajectory for the third consecutive year, slipping to 18.1 per cent of GDP in the financial year 2023–24 (FY24).

The report also showed that gross domestic savings declined to 30.7 per cent of GDP in FY24, down from 32.2 per cent in FY15. Meanwhile, household financial liabilities rose to 6.2 per cent of GDP — nearly doubling over the past decade — reflecting a growing reliance on credit to meet consumption needs.

When it , the consumer price index (CPI) eased to 3.2 per cent in April 2025, the lowest since August 2019. However, high prices of edible oils (17.4 per cent) and fruits (13.8 per cent) continue to drive overall food inflation. The upcoming rabi (winter) harvest, healthy reservoir water levels, and a forecast of above-normal monsoons are expected to further support food price stability, the report noted.

With PTI inputs