New Delhi [India], May 26 (ANI): Congress leader Jairam Ramesh on Tuesday slammed the Centre's economic policies, accusing the Modi government of ignoring the 'fourth F', falling rates of private investment, after Union Finance Minister Nirmala Sitharaman highlighted 3Fs --- fuel, fertiliser and foreign exchange as key economic concerns.

In a post on X, Ramesh said the Finance Minister had failed to acknowledge declining private corporate investment and weakening foreign direct investment (FDI) inflows.

'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.

He further claimed that net FDI flows had declined and private corporate investment as a percentage of GDP was 'at half the peak pre-2014 level.'

'Indian businesses are seeking more predictable and profitable ventures abroad, and Indian corporate personalities are taking up residence abroad,' he added.

Ramesh alleged that weak consumer demand and the 'overall atmosphere of threat, intimidation, and intrusiveness' under the Modi government were discouraging companies from making fresh investments.

'The lack of broad-based consumer demand growth has disincentivized companies from investing,' he 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 entirely another matter,' the Congress leader added.

https://x.com/Jairam_Ramesh/status/2059137944255115569

The remarks came a day after Sitharaman, while addressing the 37th SIDBI Foundation Day programme, said India was facing serious external challenges due to high and volatile global prices of fuel, fertilisers and gold.

'Three Fs, fuel, fertilizer, and foreign exchange. And the foreign exchange is for, in this context, purchase of gold,' Sitharaman said.

The Finance Minister linked the uncertainty to the ongoing West Asia crisis and stressed that fluctuations in global crude oil and fertiliser prices were placing pressure on India's external sector.

She, however, maintained that India's domestic economy remained resilient, citing rising GST collections, growth in tractor and passenger vehicle sales and improved insurance premiums as indicators of economic strength.

Sitharaman also said the Centre had reduced excise duty on petrol and diesel by Rs 10 per litre to shield citizens and businesses from rising global crude prices, despite a revenue impact of more than Rs 1 lakh crore. (ANI)