Visionless Modi government has tanked the Indian economy: Mallikarjun Kharge

Kharge said ₹45 lakh crore has been wiped out from the Indian stock markets so far in 2025 and Nifty 50 firms have shown the worst quarterly profit growth in five years

Congress president Mallikarjun Kharge on Tuesday attacked the central government over the state of the Indian economy, saying that it has “tanked” under Prime Minister Narendra Modi.

He also criticised Union finance minister Nirmala Sitharaman’s statement on the economy delivering “good returns”. (PTI file photo)

He also criticised Union finance minister Nirmala Sitharaman’s statement on the economy delivering “good returns”.

“ ₹45 lakh Cr has been wiped out from the Indian stock markets so far in 2025. Nifty 50 firms have shown the worst quarterly profit growth in 5 years. Foreign Investors have sold over ₹1.56 lakh crore of stocks since October last year, including nearly ₹1 lakh crore in 2025 itself, which has led to wiping out the wealth of small & medium investors,” Kharge wrote on his official X (formerly Twitter) account said.

Seeking to relieve concerns over foreign institutional investors (FII) selling Indian equities lately, Sitharaman on Monday attributed the action to profit booking.

She said the Indian economy is one where the investors are bagging better returns which leads to profit booking.

Kharge also pointed to the depreciation of the rupee and its potential impact on the trade deficit.

Drawing a comparison, Kharge said export growth during the 10 years of UPA government from 2004 to 2014 grew by 549.36 percent while during the 10 years of Modi government from 2014 to 2024 exports grew by 24.72 percent (Till April-Nov 2024).

He further criticised the Modi government for foregoing nearly ₹10 lakh crore in corporate tax revenue over a decade, arguing that the decision was made with the expectation that companies would generate employment.

“Modi Govt has forgone a Corporate Tax revenue of ₹10 Lakh Crore in past 10 years, in anticipation that they will create jobs, but 8 out 9 companies that have benefitted from the cut in corporate taxes have REDUCED Jobs”, he said.

The Congress president also warned of a looming global tariff war that could negatively impact India’s economy. He criticised the state of the country’s manufacturing sector, calling it “drowning,” and described the Make in India and production-linked incentive (PLI) schemes as failures.

“A visionless, rudderless and policyless Modi Sarkar has tanked the Indian Economy, ruining the lives of Indians!”, Kharge posted.