New Delhi, May 26 (H.S.): Congress General Secretary (Communications) Jairam Ramesh targeted the Central Government over Finance Minister Nirmala Sitharaman’s remarks concerning the West Asia crisis and the economy, particularly her reference to the “3Fs.” He said that while the Finance Minister herself was speaking about pressure on fuel, fertilisers, and foreign exchange reserves, the common people in the country were already burdened by the continuous rise in petrol and diesel prices.

In a post on X on Tuesday, Jairam Ramesh stated that the Finance Minister had described the “3Fs” — Fuel, Fertilisers, and Forex — as serious areas of concern, but was overlooking the fourth and most important “F.” He said that the declining rate of private investment has been visible for the past several years. Overall Foreign Direct Investment (FDI) inflows have declined, and private corporate investment as a percentage of Gross Domestic Product (GDP) has fallen to nearly half of its pre-2014 peak level.

Ramesh further said that Indian businesses are now increasingly seeking more stable and profitable opportunities abroad, while several Indian corporate figures are also settling overseas. He remarked that investment is not merely a financial decision, but is also influenced by psychological factors. According to him, the lack of growth in broad-based consumer demand has discouraged companies from making investments.

It is noteworthy that Sitharaman had urged special attention towards the “3Fs” — Fuel, Fertilisers, and Forex — while addressing the 37th anniversary event of the Small Industries Development Bank of India (SIDBI).

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Hindusthan Samachar / Jun Sarkar