New Thinking Needed For India's Economy, Can't Progress When Handful Accrue Its Benefits: Rahul Gandhi

Rahul Gandhi said a new thinking is required for India's economy and a new deal for businesses should be an important part of it.

NEW DELHI: Congress leader Rahul Gandhi expressed concern on Sunday over India's GDP growth rate declining to its lowest in two years and said the country's economy cannot progress as long as a handful of billionaires accrue its benefits. He said a new thinking is required for India's economy and a new deal for businesses should be an important part of it.

"When everyone gets an equal opportunity to move forward, only then will the wheel of our economy move forward," he said in a post in Hindi on X. The leader of opposition in the Lok Sabha said India's Gross Domestic Product (GDP) growth rate has fallen to 5.4 per cent, its lowest in two years.

"The thing is clear -- the Indian economy cannot progress as long as a handful of billionaires are accruing its benefits and the farmers, labourers, middle class and the poor are struggling with various economic problems," he asserted. Sharing some facts, Gandhi said it is a worrying situation as 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, he noted. Gandhi said the rupee has reached its lowest level of Rs 84.5 and the unemployment rate has broken a 45-year record.

"In the last five years, the income of labourers, employees and small businessmen has either stagnated or reduced significantly. "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," Gandhi said.

"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. 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," he also noted. Due to demonetisation and the Goods and Services Tax (GST), the former Congress chief said 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?" he asked, stressing that a new thinking is required for the Indian economy.