Congress slams govt over household indebtedness, says it failed to acknowledge 'crisis'
household indebtedness, the Congress on Thursday said the root cause of such a «deep-seated» malaise was the stagnation in real wages and claimed the government had failed to acknowledge the «crisis». Congress general secretary in-charge communications Jairam Ramesh cited the recently-released Indus Valley Annual Report 2025, an examination of India's economic landscape and start-up ecosystem by VC firm Blume Ventures, to attack the government.
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The report offers a granular look into the Indian economy, he said and asserted that its most worrying implications were for India's household finances.
Ramesh said India's recovery from COVID-19 was based on consumption growth that was driven by loans.
Consumer loans in the post-Covid years were about 18 per cent of the Private Final Consumption Expenditure, he said.
In this time, personal loans replaced industry loans as the biggest segment of non-food borrowing, Ramesh said.
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