The Congress on Tuesday said Finance Minister Nirmala Sitharaman had forgotten the "all-important fourth F" -- falling rates of private investment -- while calling for greater focus on the "3Fs" of fuel, fertiliser, and forex.
Congress general secretary in charge of communications, Jairam Ramesh, said winning elections through large-scale manipulation of electoral rolls is one thing, but recognising what really ails the economy with humility and sobriety and taking remedial actions is an entirely different matter.
"The FM has said that the 3Fs -- Fuel, Fertilisers, and Forex -- are matters of great concern. But she forgets the all-important fourth F: Falling rates of private investment that have been in evidence these past few years," Ramesh said on X.
He pointed out that net FDI inflows have declined, while private corporate investment as a percentage of GDP has fallen to half of its pre-2014 peak. Indian businesses are seeking more predictable and profitable ventures abroad, and Indian corporate personalities are taking up residence abroad, Ramesh said.
"Investment is as much a financial decision as it is driven by psychological factors. The lack of broad-based consumer demand growth has disincentivised companies from investing," he said.
Similarly, the overall atmosphere of threat, intimidation, and intrusiveness created by the Narendra Modi government is a psychological deterrent, as is the know-it-all attitude and approach of the dispensation, he alleged.
"Winning elections through large-scale manipulation of electoral rolls is one thing. But recognising what really ails the economy with humility and sobriety and taking remedial actions is entirely another matter," Ramesh said.
His remarks came a day after Sitharaman stressed the need to focus on the "3Fs" -- fuel, fertiliser and forex -- amid the West Asia crisis.
Speaking at the 37th foundation day event of Sidbi here, she also hit out against naysayers who have built a cynical and pessimistic narrative after the Prime Minister's appeal and underlined that India cannot afford fearmongering at this stage.
The crisis is borne by external events, and the domestic economy continues to be positive and resilient, the finance minister said.
Fuel prices are high, gold prices have climbed to elevated levels, creating concerns on the external front, and there is an "unimaginable increase" in the fertiliser prices, she said, contextualising the call made by Modi.
Therefore, there is a need to look at conserving the forex, she said, adding that there is a need to focus on the 3Fs of fuel, fertilisers and forex in the current context.