NEW DELHI: Rahul Gandhi, leader of opposition in Lok Sabha, took a swipe at the central government on Sunday over the dip in Gross Domestic Product (GDP) growth rate, which slumped to seven-quarter low of 5.4 per cent.
Criticising the government over the concerning GDP data, the Congress leader claimed that the “Indian economy cannot progress as long as only handful of billionaires are benefitted from it, while the farmers, labourers and middle class are struggling with various economic distresses”.
Rahul Gandhi listed also out the different data to substantiate its claims and said that in the “last five years, the income of laborers, employees and small businessmen has either stagnated or reduced significantly”.
“Retail inflation has risen to a 14-month high of 6.21 per cent. The price of potatoes and onions has increased by almost 50 per cent this year compared to October last year. Rupee has reached its lowest level of 84.50. Unemployment has already broken the record of 45 years,” Rahul Gandhi wrote on X.
Rahul Gandhi claimed that demand has also taken a hit due to fall in income.
He said due to measures like demonetisation and introduction of GST, the share of manufacturing in the economy has fallen to its lowest in 50 years.
“Demand has also declined due to reduced income. The share of cars priced below Rs 10 lakh in sales has dropped to less than 50 per cent, from 80 per cent in 2018-19. The share of affordable homes in total sales has dropped to around 22 per cent from 38 per cent last year. The demand for FMCG products is already declining,” he said.
The Congress leader furhter wrote: “The share of corporate tax has decreased by 7 per cent in the last 10 years, while income tax has increased by 11 per cent. Due to demonetisation and GST, the share of manufacturing in the economy has fallen to just 13 per cent, the lowest in 50 years. In such a situation, how will new job opportunities be created?”
Based on the data he shared, the Congress leader said the “India’s economy needs a new thinking and a new deal as businesses is an important part of it. Everyone will get an equal opportunity to move forward, only then will the wheel of our economy move forward”.
Data released by the National Statistics Office on Saturday showed GDP grew by 5.4 per cent in the three months to September, slower than the 6.7 per cent in the April-June period and below the 8.1 per cent recorded in the second quarter of 2023-24.
