NEW DELHI: Congress chief Rahul Gandhi expressed concern on Sunday over India’s GDP progress fee declining to its lowest in two years and stated the nation’s economic system can’t progress so long as a handful of billionaires accrue its advantages. He stated a brand new pondering is required for India’s economic system and a brand new deal for companies must be an essential a part of it.
“When everybody will get an equal alternative to maneuver ahead, solely then will the wheel of our economic system transfer ahead,” he stated in a publish in Hindi on X. The chief of opposition within the Lok Sabha stated India’s Gross Home Product (GDP) progress fee has fallen to five.four per cent, its lowest in two years.
“The factor is obvious — the Indian economic system can’t progress so long as a handful of billionaires are accruing its advantages and the farmers, labourers, center class and the poor are battling numerous financial issues,” he asserted. Sharing some information, Gandhi stated it’s a worrying state of affairs as retail inflation has risen to a 14-month excessive of 6.21 per cent.
The value of potatoes and onions has elevated by virtually 50 per cent this yr in comparison with October final yr, he famous. Gandhi stated the rupee has reached its lowest degree of Rs 84.5 and the unemployment fee has damaged a 45-year file.
“Within the final 5 years, the revenue of labourers, staff and small businessmen has both stagnated or decreased considerably. “Demand has additionally declined as a result of decreased revenue. The share of automobiles priced under Rs 10 lakh in gross sales has dropped to lower than 50 per cent from 80 per cent in 2018-19,” Gandhi stated.
“The share of inexpensive properties in whole gross sales has dropped to round 22 per cent from 38 per cent final yr. The demand for FMCG merchandise is already declining. The share of company tax has decreased by 7 per cent within the final 10 years, whereas revenue tax has elevated by 11 per cent,” he additionally famous. As a result of demonetisation and the Items and Providers Tax (GST), the previous Congress chief stated the share of producing within the economic system has fallen to simply 13 per cent, the bottom in 50 years.
“In such a state of affairs, how will new job alternatives be created?” he requested, stressing {that a} new pondering is required for the Indian economic system.
