Rahul Gandhi accuses Govt of weakening economy by favoring crony businesses over fair play
Dec 18, 2024
New Delhi [India], December 18 : Congress leader and Lok Sabha Leader of Opposition, Rahul Gandhi, on Wednesday, slammed the government and alleged that prioritising crony businesses over fair play is weakening the economy, as shown in the various indicators.
Gandhi hit out at the government and stated that the results of the government's priority are visible in the weakening manufacturing sector data, record-high trade deficits, high interest rates, falling consumption, and soaring inflation.
In a post on social media X, Gandhi wrote, "What happens when a government prioritises crony businesses over play-fair businesses?"
"Result: Weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption, and soaring inflation," he added, raising questions on the policies of the government.
Gandhi attacked the government for slowing down economic growth as reflected in the second quarter GDP growth, adding that the Indian economy cannot progress as long as only a few billionaires are benefiting from it and the farmers, labourers, middle class, and the poor are struggling with various economic problems.
Recently released India's GDP growth has disappointed expectations, with the economy growing by just 5.4 per cent in the July-September quarter of FY2024-25.
On the other handm the commerce ministry data released on Monday shows that India's merchandise trade deficit in November came in at USD 37.84 billion, attributable to burgeoning imports relative to exports. Reportedly, this is the highest monthly trade deficit by far.
The data shows that India's merchandise exports in November were at USD 32.11 billion, whereas the merchandise imports were to the tune of USD 69.95 billion.
The trade deficit, meaning the difference between the exports and the imports, has widened from USD 66.91 billion to USD 82.95 billion so far in 2024-25.
In the previous financial year 2023-24, India registered record exports at USD 778 billion. In 2022-23, the country exported goods and services combined at USD 776.3 billion.
In break up, services exports rose from USD 325.3 billion to USD 341.1 billion in 2023-24. Merchandise exports, though marginally declined from USD 451.1 billion to USD 437.1 billion.
However, the overall trade deficit significantly improved from USD 121.6 billion in 2022-23 to USD 75.6 billion in 2023-24.
