Bharatiya Janata Party (BJP) leader Amit Malviya criticized Congress MP Jairam Ramesh for his comments on the government’s economic policy. Ramesh highlighted the importance of private investment, which Malviya countered by emphasizing the significance of fuel, fertilizers, and forex as immediate concerns due to global instability.
Malviya argued that the government’s focus on these external pressures was responsible, dismissing Ramesh’s claims of neglecting private investment. He backed his argument with data showing a significant increase in private sector investment in the Indian economy, pointing out positive trends in demand, profitability, credit availability, and policy confidence.
According to Malviya, recent figures indicate a rise in private capital expenditure, particularly in manufacturing and services sectors. He refuted Ramesh’s assertions about declining net FDI flows and low corporate investment as misleading, citing substantial growth in FDI inflows and a healthier banking system capable of financing growth.
Malviya highlighted the strength of the banking sector, with low levels of NPAs and growing advances, emphasizing the improving corporate profitability as a precursor to a new investment cycle. He also addressed concerns about Indian companies investing abroad, stating that it reflected a globalizing trend rather than a flight from domestic investment.
