NEW DELHI
The Congress on Sunday accused the Modi government of fueling extreme wealth concentration through its economic policies, calling it a “direct attack on the soul of democracy.” Sharing a media report highlighting India’s surge in billionaires, Congress general secretary Jairam Ramesh said that while millions struggle for daily needs, 1,687 individuals now control nearly half of the nation’s wealth.
Ramesh argued that this imbalance is deepening economic inequality, social insecurity, and public discontent. Drawing parallels with global examples, he warned that such inequality, combined with weakened democratic institutions, risks pushing India towards political instability. He alleged that government policies disproportionately favor a few industrialists, while critical sectors such as MSMEs face immense strain.
He further noted that shrinking job opportunities, soaring inflation, rising household debt, and falling investments in education and healthcare are worsening hardships for ordinary citizens. Social security schemes are also weakening, he claimed, pointing out wage delays in MGNREGA, a programme that once ensured economic security for millions.
Ramesh warned that when wealth and economic influence concentrate in a few hands, policymaking inevitably tilts in their favour, sidelining the majority. “This is not just an economic challenge but an erosion of democracy itself,” he said.
The criticism came as the M3M Hurun India Rich List 2025 revealed that India has added a billionaire almost every week over the past two years, with the cumulative wealth of 1,687 ultra-rich individuals reaching ₹167 lakh crore—nearly half of India’s GDP.
