Leader of Opposition in Lok Sabha Rahul Gandhi.
Credit: PTI Photo
New Delhi: With the GDP falling to its "lowest in two years", Leader of Opposition in Lok Sabha Rahul Gandhi on Sunday said a new thinking is needed for India's economy and a new deal for businesses is an important part of it, as the country cannot progress as long as it benefits only a handful of billionaires.
Official data showed that the country's GDP slowed to a near two-year low of 5.4 per cent in the July-September quarter due to the poor performance of manufacturing and mining sectors as well as weak consumption.
"The thing is clear - the Indian economy cannot progress as long as its benefits are accruing only to a handful of billionaires and the farmers, labourers, middle class and the poor are struggling with various economic problems," Gandhi posted on 'X'.
He said the share of manufacturing in the economy has fallen to just 13 per cent, the lowest in 50 years due to demonetisation and GST.
“In such a situation, how will new job opportunities be created? That is why a new thinking is needed for India's economy and a new deal for 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,” he said.
Mentioning the "worrying" situation, he said retail inflation has risen to a 14-month high of 6.21 per cent with the price of potatoes and onions increasing by almost 50 per cent this year compared to October last year.
"Rupee has reached its lowest level of Rs 84.50. Unemployment has already broken the record of 45 years. In the last 5 years, the income of laborers, employees and small businessmen has either stagnated or reduced significantly. Demand has also declined due to reduced income," he said.
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, and that of affordable homes in total sales has dropped to around 22 per cent from 38 per cent last year, he said adding the demand for FMCG products is already declining.
At the same time, he said, 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.