Congress targets Sitharaman’s ‘3Fs’, says she ignored ‘falling private investment’

The Congress on Tuesday (May 26, 2026) targeted Finance Minister Nirmala Sitharaman over her call to focus on the “3Fs” — fuel, fertilisers and forex — with party general secretary Jairam Ramesh saying that she had overlooked “an all-important fourth F: falling private investment”.

Mr. Ramesh’s remarks came a day after Ms. Sitharaman, speaking at the 37th foundation day event of the Small Industries Development Bank of India (SIDBI), underscored the need to conserve foreign exchange and pay close attention to fuel, fertiliser and forex amid the ongoing West Asia crisis and rising global uncertainties.

In a post on X, Mr. Ramesh said the Finance Minister has failed to acknowledge weakening private investment trends that, according to him, have characterised recent years.

“The FM has said that the 3Fs — fuel, fertilisers, and forex — are matters of great concern. But she forgets the all-important fourth F: Falling rates of private investment that have been in evidence these past few years,”he said.

The Congress leader argued that net foreign direct investment inflows have declined and that private corporate investment as a share of GDP has fallen to nearly half of its pre-2014 peak. He alleged that Indian businesses are increasingly seeking more predictable and profitable opportunities abroad.

According to Mr. Ramesh, investment decisions are shaped not only by financial considerations but also by sentiment and confidence.

“The lack of broad-based consumer demand growth has disincentivised companies from investing. Similarly, the overall atmosphere of threat, intimidation, and intrusiveness created by the Modi Government is a psychological deterrent, as is the know-it-all attitude and approach of the Modi government, “he said, adding, “Winning elections through large-scale manipulation of electoral rolls is one thing. But recognising what really ails the economy with humility and sobriety and taking remedial actions is entirely another matter.”

Ms. Sitharaman had defended the resilience of the domestic economy while cautioning against pessimism. She criticised “naysayers” and said India could not afford fearmongering at a time when external shocks were driving economic pressures.

The Congress leader also questioned the Centre’s fiscal position after the Reserve Bank of India (RBI) announced a record dividend payout of ₹2.87 lakh crore to the government for the financial year ended March 2026.

“That the Union government’s finances are not as rosy as is being made out to be is proved by the fact that the RBI has done it a favour and given it a big bonus,”Mr. Ramesh said in a separate X post, claiming the dividend reflected underlying fiscal stress rather than financial strength.

He argued that the RBI’s decision to lower its contingency risk buffer for 2025-26 had enabled a substantially larger transfer to the Centre, amounting to what he described as a “bonanza” of nearly ₹92,000 crore over what would otherwise have accrued.

The RBI, however, said its Central Board had taken the decision after reviewing prevailing macroeconomic conditions, the bank’s financial performance and the need to maintain appropriate risk buffers.