The Congress party, on Sunday, October 5, 2025, raised serious concerns about the escalating concentration of wealth in India. They explicitly accused the Modi government’s economic policies of driving this trend, warning that it poses a significant threat, not just to the nation’s economy but also to the fundamental principles of its democracy.
Jairam Ramesh, the Congress general secretary in-charge of communications, highlighted a recent media report via a post on X (formerly Twitter). The report indicated that India is rapidly emerging as a global hub for billionaires, with the number of affluent individuals steadily growing each year.
“Time and again, reports are sounding the alarm about the alarming concentration of wealth in India,” stated Mr. Ramesh in his Hindi post. He emphasized the stark disparity: “While millions of citizens grapple with meeting their basic daily needs, a mere 1,687 individuals collectively own half of the nation’s total wealth.”
He further elaborated, “This immense accumulation of wealth, directly resulting from the Modi government’s current economic strategies, is fueling colossal economic inequality across our country. Such disparities inevitably lead to pervasive social insecurity and widespread public discontent.”
Mr. Ramesh drew parallels to international events, noting that in other nations, similar levels of extreme economic inequality, coupled with weakened democratic structures, have frequently acted as catalysts for political instability and anarchy.
He firmly asserted that the current government is steering India down an identical perilous path.
“A select group of industrialists are amassing unprecedented wealth through a nexus of power,” he alleged. “The Prime Minister’s economic policies appear to be exclusively tailored to benefit a handful of his close industrialist allies.”
He pointed out that the Micro, Small, and Medium Enterprises (MSME) sector, which is widely considered the backbone of India’s economy, is currently facing immense and unprecedented pressure. This strain, he claimed, stems from both domestic policy shortcomings and failures in foreign policy.
“Ordinary citizens are witnessing a severe contraction of earning opportunities,” Mr. Ramesh continued. “Inflation has soared to such an extent that even those with employment are finding themselves increasingly burdened by debt rather than accumulating savings. Concurrently, investments in crucial sectors like education and healthcare are declining, and vital social security programs are being systematically weakened.”
He specifically mentioned successful initiatives such as MGNREGA, which once provided a crucial social and economic safety net for millions. These programs, he noted, are now struggling with severe wage crises, with workers frequently experiencing significant delays in receiving their payments.
“This extreme concentration of wealth is more than just an economic challenge; it is a direct assault on the very soul of democracy,” Mr. Ramesh asserted. “When economic power becomes consolidated in the hands of a privileged few, political decisions inevitably begin to serve their interests.”
This trend, he concluded, is leading to an ever-widening gap of social and economic inequality.
Consequently, millions of citizens are finding themselves progressively marginalized from both the democratic process and the path of national development, according to Ramesh.
A recent M3M Hurun India Rich List 2025 report reveals that the combined wealth of individuals on this list amounts to a staggering ₹167 lakh crore, which is roughly equivalent to half of India’s entire Gross Domestic Product (GDP).
The report identified 1,687 individuals with a net worth exceeding ₹1,000 crore, marking an increase of 284 individuals from the previous period, with 148 new faces joining the ranks of the super-rich.
Hurun’s analysis highlighted that India has consistently produced a new billionaire every single week over the last two years. Collectively, individuals on this exclusive list have seen their wealth grow by an astonishing ₹1,991 crore daily.