BJP govt creating concentration of economic power, MSMEs suffering: Congress

The Congress on Friday targeted the Narendra Modi government, saying it has created an ”unprecedented concentration of economic power” where some large companies, particularly a ”chosen few”, are prospering while MSMEs are suffering.

All India Congress Committee general secretary communications Jairam Ramesh also posted on Twitter a chart, sourced to some financial firms, that shows a trend of profit after tax (PAT) and free cashflow to equity of the top 20 PAT generators in the country over the last few years. ”Reality of ‘Mitr Kaal’ — MSMEs suffer while very large companies prosper, especially the PM’s chosen few business houses,” he said. ”Modi government has created an unprecedented concentration of economic power. Top 20 firms in India generate 80 per cent of total profits. It was less than 50 per cent a decade ago,” Ramesh tweeted while sharing the chart titled ”Profit after tax and free cashflow to equity of the top 20 PAT generators in India”. The Congress has been accusing the government of creating wealth inequalities in the country. The opposition party has also alleged that the gap between the poor and the rich is growing. The issue was also one of the points highlighted during the Rahul Gandhi-led Kanyakumari to Kashmir ‘Bharat Jodo Yatra’.