NEW DELHI: Congress leader and Leader of the Opposition in the Lok Sabha, 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.
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. pic.twitter.com/f5QWMmpose
— Rahul Gandhi (@RahulGandhi) December 18, 2024
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 hand, the Commerce ministry data released on Monday shows that India’s merchandise trade deficit in November came in at $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 $32.11 billion, whereas the merchandise imports were to the tune of $69.95 billion. The trade deficit, meaning the difference between the exports and the imports, has widened from $66.91 billion to $82.95 billion so far in 2024-25.
In the previous financial year 2023-24, India registered record exports at $778 billion. In 2022-23, the country exported goods and services combined at $776.3 billion. In break-up, services exports rose from $325.3 billion to $341.1 billion in 2023-24. Merchandise exports, though marginally declined from $451.1 billion to $437.1 billion. However, the overall trade deficit significantly improved from $121.6 billion in 2022-23 to $75.6 billion in 2023-24. (ANI)