India needs domestic investments, FDI will follow, says Congress, slamming PM’s focus on foreign investments

Chairing a NITI Aayog meet, PM stressed importance of getting more FDI; Congress’ Jairam Ramesh said domestic investments are down due to erratic policymaking, rampant cronyism, and raids by Central agencies

Congress leader Jairam Ramesh. | Photo Credit: PTI

Attacking Prime Minister Narendra Modi over NITI Aayog speech that focused on getting more international investments, the Congress on July 27 emphasised that the country first needs domestic investments.

Congress communications chief Jairam Ramesh targeted Mr. Modi for stressing foreign direct investment (FDI) over domestic investment. “The non-biological PM in his address to NITI Aayog has woken up to the realisation that India needs to make policies conducive to international investments, that is, FDI. For ten long year, he has indeed encouraged FDI--Fear, Deceit and Intimidation. And now He pontificates,” Mr. Ramesh said, in a post on X.

The non-biological PM in his address to NITI Aayog has woken up to the realisation that India needs to make policies conducive to international investments, that is FDI.

For ten long years He has indeed encouraged FDI--Fear, Deceit and Intimidation. And now He pontificates.… pic.twitter.com/poNgNcYPEB

— Jairam Ramesh (@Jairam_Ramesh) July 27, 2024

Asserting that India needs to catalyse and trigger a fresh spurt of domestic investment (DI), the Congress leader said that such investments had marked the ten years of Manmohan Singh’s tenure in the PM’s chair. “You boost DI, and FDI will follow,” he added.

Mr. Ramesh claimed that since 2014, domestic investments have been sluggish because of a combination of three factors. “One, erratic policymaking, evinced by the senseless demonetisation, the botched GST rollout, and the unplanned COVID-19 lockdown. Two, rampant cronyism that has led to increasing oligopolisation and restricted the space for competition. Third, the ED/IT/CBI Raid Raj that makes businessmen fearful of expanding investments in India,” alleged the Congress leader, in a reference to raids by Central law enforcement agencies.

The Congress also came out in strong support of West Bengal Chief Minister Mamata Banerjee by stating that the treatment meted to her at the NITI Ayog meeting is “unacceptable”.

In a separate post, Mr Ramesh alleged that the NITI Ayog has been functioning as “an attached office of the Prime Minister’s office” and in a “blatantly partisan” manner.

“It [NITI Ayog] muzzles all divergent and dissenting viewpoints, which are the very essence of an open democracy. Its meetings are a farce to be reckoned with. Its treatment of the West Bengal CM today, although typical of the NITI Aayog, is unacceptable,”Mr Ramesh said.

Published - July 27, 2024 07:22 pm IST