The Congress on Monday launched a sharp attack on the BJP-led Central government over the state of the Indian economy, the stock market, foreign investment and the falling value of the rupee. Addressing a press conference at the AICC headquarters in New Delhi on October 5, Congress national spokesperson and former Rajya Sabha MP Shaktisinh Gohil accused the BJP government of following policies that, he claimed, have weakened the economy and benefited a small group of powerful industrialists.
Gohil alleged that the country’s youth, farmers, small traders and salaried middle class are facing growing financial pressure. He accused the government of relying on what he called “crony capitalism” and claimed that unemployment, debt and the lack of recruitment were adding to public frustration.
His criticism also focused heavily on foreign investors. Citing figures, Gohil claimed that more than Rs 4 lakh crore had been withdrawn by foreign institutional investors (FIIs) from the Indian market between January and September 2026, marking nine consecutive months of foreign outflows.
He further claimed that around Rs 29,000 crore was withdrawn in just three days between September 29 and October 1.
Foreign Investors Pull Out Over Rs 4 Lakh Crore, Gohil Claims
According to figures cited by Gohil, FIIs withdrew more than Rs 4 lakh crore from the Indian market between January and September 2026. He highlighted the fact that foreign investors had remained net sellers for nine consecutive months.
Gohil described this as an unprecedented situation and argued that the continued withdrawal showed growing concerns about India’s investment environment.
He also pointed to the period between September 29 and October 1, claiming that nearly Rs 29,000 crore left the Indian market in just three days.
Government’s Stock Market Claims Under Fire
Gohil also attacked what he described as the government’s earlier claims about the stock market. According to him, citizens were encouraged to invest in the share market and put more money into equities based on expectations that the market would continue to rise.
Gohil claimed that people trusted those messages and invested their savings.
He then compared the Sensex level cited during those claims with its later performance. According to him, the Sensex had reached 85,836, but by September 29, 2026, it had fallen to around 72,500.
Gohil argued that this decline reduced the value of the capital invested by ordinary citizens. He also pointed out that investors had to pay taxes on their market transactions and gains.
Congress Compares Market Performance Under UPA
Gohil also compared the current market situation with the period when Manmohan Singh was Prime Minister and Sonia Gandhi was Chairperson of the UPA.
He said the world faced a major global recession during the UPA period but claimed that the government managed to prevent the crisis from having the same impact on India.
According to Gohil, the Sensex increased by nearly 398% during the UPA regime, despite the global recession.
He presented this comparison as evidence of what he described as a difference between the economic management of the two periods.
Congress Questions Capital Gains Taxes
Gohil also criticised the present tax structure for stock market investors.
Comparing the current government with the earlier UPA government, he said the Manmohan Singh-led government had brought Long-Term Capital Gains (LTCG) tax down to zero, which he described as a measure that provided relief to ordinary investors. He contrasted this with the current tax structure.
According to Gohil, investors now face 20% Short-Term Capital Gains (STCG) tax and 12.5% Long-Term Capital Gains (LTCG) tax, along with the Securities Transaction Tax (STT).
He alleged that these policies place additional pressure on the savings of ordinary citizens while benefiting a small group of industrialists.
Gohil Raises Concerns Over Sensex Losses
The Congress leader claimed that the fall in the Sensex had caused significant losses for retail investors. He said the market’s decline had wiped out nearly Rs 26 lakh crore in value held by retail investors.
Gohil used the figure to question the government’s economic management and its earlier messaging around the stock market.
Rupee Nears Rs 100 Against Dollar
The falling value of the Indian rupee was another issue raised by Gohil. He pointed to the rupee moving towards the Rs 100-per-dollar level, linking the decline to what he described as the government’s economic and political failures.
Gohil also referred to earlier statements made by the Prime Minister while criticising the government’s record on the rupee. For the Congress leader, the weakening currency was another sign of the broader economic problems he claimed were affecting the country.
Gohil Accuses BJP of ‘Crony Capitalism’
Gohil said that the BJP government had “ruined the country’s economy.” According to his claim, citizens across different sections of society are unhappy, including young people, farmers and small traders.
He further alleged that farmers and young people are facing severe debt and claimed that some are being pushed towards suicide because of the financial burden.
Gohil also raised the issue of government vacancies. He claimed that lakhs of posts are lying vacant but recruitment is not taking place at the required level.
He further alleged that when recruitment does take place, paper leaks affect the process and claimed that the benefits ultimately go to people connected to the government.
Congress Compares FII Policies With the 1990s
Gohil also compared the present situation with the economic reforms introduced during the Congress government in the 1990s. He referred to 1991, saying the country was facing a severe economic crisis at the time and that India’s gold had been pledged abroad.
According to Gohil, Dr Manmohan Singh, who was then Finance Minister, introduced economic reforms while keeping India’s interests in mind.
Gohil said these reforms opened the way for Foreign Institutional Investors (FIIs) to enter the Indian market. According to his argument, the entry of foreign capital helped strengthen the Indian economy.
He contrasted this with the present situation, claiming that foreign investors are now withdrawing money from Indian markets. Gohil said Prime Minister Narendra Modi should answer for the continued foreign investor outflow.
Congress Raises Institutional Concerns
Gohil’s criticism was not limited to the economy and financial markets.
He also raised concerns about changes within the Election Commission and what he described as the weakening of voters’ rights. He referred to comments made by former Supreme Court judges, using them to argue that concerns over institutional functioning were growing.
According to Gohil, the economic situation and institutional concerns were part of a wider issue that required the government’s attention.
Congress Demands Government Action
At the end of the press conference, Gohil laid out the demands of the Congress party.
The party demanded that the Prime Minister take responsibility for the condition of the stock market and the rupee and explain why foreign investors had continued to withdraw money from Indian markets.
Congress also called for relief for the middle class, particularly through changes to the taxation of stock market investments.
The party demanded that capital gains tax linked to the stock market be brought back to zero, similar to what it said was done during the UPA government’s tenure.
Gohil’s press conference brought together several issues — foreign investment outflows, recruitment and unemployment, stock market losses, taxation, the falling rupee and institutional concerns — as the Congress stepped up its criticism of the BJP government’s economic record.
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