Leader of Opposition in Lok Sabha and MP from Wayanad, Rahul Gandhi expressed concern over India's lowest GDP growth rate in two years in an X Post on Sunday. He wrote – As long as a handful of billionaires continue to take advantage of it, the country's economy cannot progress.
He wrote – India's GDP growth rate has fallen to a two-year low of 5.4%. It is clear that the Indian economy cannot progress until only a few billionaires are benefiting from it. Farmers, labourers, middle class and poor are struggling with various economic problems.
Rahul said that the rupee has hit an all-time low of 84.50 against the dollar. Unemployment has broken a 45-year record. Over the past 5 years, incomes of labourers, employees and small traders have either stagnated or declined significantly.
Rahul's statement has brought about a decline in the country's GDP growth. India's GDP growth slowed to 5.4% in the July-September quarter of FY2025. This is the slowest growth in 7 quarters. GDP growth has slowed due to weak performance of the manufacturing sector. The National Statistics Office released this data on November 29.
Rahul addresses issues in X post…
- Retail inflation rose to a 14-month high of 6.21%. Potato and onion prices have increased by about 50% this year compared to October last year.
- Due to decline in income, demand has also decreased. In sales Rs. The share of cars priced below Rs 10 lakh has declined from 80 per cent to less than 50 per cent in 2018-19.
- The share of affordable housing in total sales fell to about 22%, from 38% last year. Demand for FMCG products is already declining.
- Over the last 10 years, the share of corporate tax has declined by 7%, while the share of income tax has increased by 11%.
- Due to demonetisation and GST, the share of manufacturing in the economy has fallen to just 13%, the lowest in 50 years. How will new job opportunities be created in such a situation?
Rahul Gandhi said – demonetisation destroyed MSMEs
On the completion of 8 years of demonetisation on November 8, Rahul Gandhi targeted the Modi government. He said that demonetisation has encouraged monopolies by destroying MSMEs and the informal sector. India is using more cash today than it was 8 years ago.
Rahul said ineffective and ill-intentioned policies that create an environment of fear for businesses will destroy India's economic potential.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
