The Congress on Sunday alleged that Prime Minister Narendra Modi’s economic policies are driving an unprecedented concentration of wealth, with just 1,687 people now owning half of India’s wealth.
Citing the Hurun India Rich List 2025, Ramesh said the MSME sector is under pressure, social welfare schemes like MGNREGA are struggling, and “economic power in a few hands” threatens the “very soul of democracy.”
Flagging the issue of growing wealth concentration, the Congress on Sunday alleged that it is driven by the Modi government's economic policies and warned that it is not merely an economic issue but a “direct attack on the very soul of democracy.”
Congress General Secretary (communications) Jairam Ramesh shared a media report on X claiming that India is emerging as a new hub of billionaires, with the number of ultra-rich individuals increasing rapidly every year.
"One report after another is warning about the widespread concentration of wealth in India. While millions of Indians struggle to meet daily needs, just 1,687 people possess half the country's wealth," Ramesh said in a post in Hindi on X.
"This huge concentration of wealth, driven by the Modi government's economic policies, is creating massive economic inequality in our country. This inequality is giving rise to widespread social insecurity and discontent," he said.
He warned that similar trends abroad—where extreme inequality and weakened democratic institutions coexist—have triggered political anarchy, adding that "this government is pushing India down the same path."
"A few industrialists are becoming richer and richer due to the power nexus. The Prime Minister's policies are focused solely on the benefits of his few industrialist friends," he alleged.
Ramesh claimed that the MSME sector, the backbone of India’s economy, is under unprecedented pressure due to both domestic policies and foreign policy failures.
"Earning opportunities for ordinary people are shrinking. Inflation has risen so high that even employed people are increasingly burdened with debt instead of savings. Investment in education and health is steadily declining, and social security schemes are being weakened," he said.
He added that even successful welfare schemes like MGNREGA, which once provided an economic safety net for millions, are struggling with wage delays and funding issues.
"Such extreme concentration of wealth is not just a problem for the economy, but a direct attack on the very soul of democracy. When economic power is concentrated in a handful of hands, political decisions also begin to favour them," Ramesh said.
"This is leading to a growing social and economic inequality," he said, adding that “millions of citizens are gradually being excluded from the process of democracy and development.”
According to the M3M Hurun India Rich List 2025, the combined wealth of India’s richest individuals is pegged at ₹167 lakh crore, nearly half of the country’s GDP. The list now includes 1,687 individuals with wealth exceeding ₹1,000 crore—up by 284 from last year—and 148 new entrants.
Hurun reported that India has created a billionaire every week for the past two years, with those in the list adding ₹1,991 crore in wealth every day.
(with PTI inputs)
