The Congress on Thursday questioned the Centre’s handling of the economy, alleging that the Prime Minister Narendra Modi-led government was relying on short-term measures amid slowing investments and growing concerns over economic conditions, prompting the BJP to counter with data projecting economic stability.Senior Congress leader Jairam Ramesh claimed the government was considering an ordinance to amend the Income Tax Act and remove the 12.5 per cent long-term capital gains tax on investments made by Foreign Portfolio Investors (FPIs) in Indian government securities. He said the move reflected concerns within the ruling establishment over the economic situation.Referring to media reports, Ramesh said such a move, if implemented, would provide only temporary relief and fail to address structural problems affecting investment and growth.According to Ramesh, the larger concern remains weak private investment despite record corporate earnings. He argued that companies capable of investing within India were either expanding abroad or delaying investments domestically, resulting in a decline in private investment as a percentage of the GDP.He further alleged that stagnant wages, widening wealth inequality, concentration of economic power and an “atmosphere of uncertainty” allegedly created by investigative agencies were contributing to lower investor confidence. He added that increasing imports from China had added pressure on domestic industries.The remarks came a day after Leader of Opposition Rahul Gandhi warned that the country was heading towards an “economic tsunami” and alleged that safeguards protecting India from global shocks had weakened.The BJP rejected the Opposition’s assessment and accused Rahul Gandhi of creating unnecessary fear around the economy.Responding to Gandhi’s remarks, BJP leader Amit Malviya pointed to several economic indicators to argue that India remained resilient despite global uncertainties.He cited a 12.9 per cent rise in E-Way bill generation in May 2026, strong manufacturing and services activity with PMI figures of 56.6 and 58.9, respectively, retail inflation remaining below the Reserve Bank of India (RBI)’s target at 3.48 per cent in April, and record gross foreign direct investment inflows of $94.5 billion in FY26.Malviya said these indicators reflected economic resilience rather than weakness and added that the government had taken measures to protect businesses, jobs and citizens amid global challenges.