The Congress party’s latest salvo against the central government came via a damning report on Tuesday, branding current economic policies as architects of ‘jobless growth.’ ‘Real State of the Economy 2026’ methodically dismantles the facade of prosperity, spotlighting employment crises at its core.
From 2017-18 to 2023-24, official surveys show manufacturing jobs contracting to 11.4% (down from 12.1%), services to 29.7% (from 31.1%), with agriculture climbing to 46.1% – evidence of distress migration to unproductive rural roles.
New opportunities cluster in precarious informal sectors and gigs, where 40% of paid workers forfeit contracts, leave entitlements, and security nets, exacerbating economic fragility.
The document challenges officialdom’s reliability, referencing IMF’s ‘C’ data grade, and poses tough queries: If inflation is tame at 0.5%, why the surge in living costs, savings erosion, debt spikes, rupee’s dismal 2025 performance across Asia, and repeated FDI outflows?
Congress Research head Rajiv Gowda, unveiling the findings, stressed it reveals lopsided focus amid rising disparities and corporate surges, bereft of substantive employment. This in-depth critique calls for a paradigm shift toward inclusive development, ensuring growth benefits the masses, not just balance sheets.