Monopolies in various sectors pushing prices higher: Jairam Ramesh
The Hindu
The Congress said growing concentration of economic power is having a negative effect on people’s lives as monopolies in various sectors are pushing prices higher
The Congress on April 5 said growing concentration of economic power is having a negative effect on people’s lives as monopolies in various sectors are pushing prices higher.
Congress general secretary Jairam Ramesh claimed that profit margins across all sectors have doubled from 18% in 2015 to 36% in 2021 due to growing market concentrations created by the Modi dispensation.
He said a research paper by top economist, Dr. Viral Acharya has substantiated this concern about higher profit margins due to monopolies in several sectors.
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Evidence by the ex-RBI Deputy Governor Acharya shows that Modi Government’s alleged “monopolistic” friends are a big cause of price rise in India, the Congress leader said.
“As the Adani ‘megascam’ has shown, PM Modi’s ‘suit-boot ki sarkaar’ has systematically helped his cronies build large, concentrated monopolies across various sectors since he took office. Now we have fresh and credible evidence that these monopolies are driving price rise in the country by misusing their market power to systematically charge 10-30% higher prices than their competitors,” he alleged in a statement.
Mr. Ramesh said this evidence comes to us from the internationally renowned financial economist Acharya, who served as Deputy Governor of the Reserve Bank of India (RBI) from 2017 to 2019.
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