Consumers exploited due to lack of sufficient competition: says Congress' P Chidambaram
New Delhi [India], June 1 (ANI): Highlighting that profit must be shared among promoters, shareholders, labour, government, consumers, society and other stakeholders, Senior Congress leader P. Chidambaram stated on Sunday that because of the lack of sufficient competition, consumers are exploited in several sectors, such as air travel, insurance, and pharmaceuticals.
In a post on X, Chidambaram said, 'That 'profit' in business is not a bad word became government policy in 1991 when Dr Manmohan Singh was finance minister. The question is how the profit must be shared among promoters, shareholders, labour, government, consumers, society and other stakeholders,' the Congress leader said on X.
'As the Chief Economic Adviser has said many times, the tilt is in favour of capital/promoters and against labour. Wages have stagnated. I may add that because of lack of sufficient competition, consumers are exploited in several sectors, for example, air travel, insurance and pharmaceuticals,' he added.
https://x.com/PChidambaram_IN/status/1929058507883676127
On May 26, Chidambaram said that while the rise in India's per capita income under the BJP-led NDA government is 'broadly correct', the rate of growth was higher during the tenure of the Congress-led UPA government.
Responding to recent remarks by the CEO of NITI Aayog, BVR Subrahmanyam, who stated that India's per capita income had nearly doubled from USD 1,438 in 2013-14 to USD 2,880 in 2024, Chidambaram said he welcomed the progress but added that the complete picture tells a different story when the performance of the two successive governments is compared.
Quoting data from the International Monetary Fund (IMF), Chidambaram noted that India's per capita income stood at USD 543 in 2003, when the UPA took office, and rose to USD 1,438 by 2013 - a 2.64 times increase in 10 years. Under the NDA government, however, the increase from USD 1,438 in 2014 to USD 2,878 in 2024 amounts to just 1.89 times, falling short of a doubling in the same time frame.
'Under the UPA government, the per capita income more than doubled in 10 years. Under the NDA government, it fell short of doubling. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record,' said the former Finance Minister. (ANI)
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