RK News Service
Srinagar, May 19: Senior CPI(M) leader and MLA M Y Tarigami on Monday expressed concern over the deepening economic distress in the country, saying rising unemployment, stagnant wages and inflation have severely impacted the livelihoods of working-class and marginalised sections.
In a statement, Tarigami said the worsening economic situation has weakened the purchasing power of ordinary people and pushed millions of families into hardship.
He said the ongoing global instability, including the US-Israel conflict involving Iran, could have adverse consequences on the Indian economy through rising fuel and fertiliser prices, supply chain disruptions and increasing food inflation.
The CPI(M) leader said inflation has become a major burden for families already struggling with unemployment and low income growth. Referring to wage trends between 2022 and 2025, he said regular salaried employees witnessed only marginal growth in real wages, while casual labourers saw almost no meaningful increase in earnings.
“Stagnant wages coupled with rising prices of essential commodities have significantly eroded the standard of living of working people,” he said.
Tarigami said the economic distress faced by workers, farmers and lower-income groups stands in sharp contrast to rising corporate profits and the increasing number of billionaires in the country.
He alleged that large corporate houses continue to benefit from tax concessions, policy relaxations and financial incentives, while common people are left to deal with economic insecurity.
The CPI(M) leader urged the government to prioritise policies aimed at strengthening income security, generating employment opportunities and addressing the widening gap between economic prosperity and grassroots hardship.