Need An Economy That Works For Every Indian, Not Just For Few Capitalists: Rahul

Congress leader Rahul Gandhi criticised the government over the state of the economy, citing statistics that show a decline in sales of two-wheelers, cars, and mobile phones on Thursday. In a post on X, Gandhi stated that these numbers are not just figures, but a reality of the economic struggles faced by common Indians.

The Congress leader called for a change in politics, saying that it should focus on the reality of everyday life, rather than grand events. Gandhi also demanded an economy that works for all Indians, not just a select few capitalists.

“The statistics tell the truth. In the last year, two-wheeler sales have fallen by 17% and car sales by 8.6%. The mobile market has fallen by 7%. On the other hand, both expenses and debt are constantly increasing: house rent, domestic inflation, education expenses, and almost everything is becoming expensive. These are not just figures; this is the reality of the economic pressure under which every common Indian is suffering. We need politics that is not about the glitz of events, but about the reality of everyday life – that asks the right questions, understands the situation and responds responsibly. We need an economy that works for every Indian, not just for a select few capitalists,” Gandhi posted on X.

Earlier, Economist Sanjeev Sanyal said that India’s economic growth rate of 6 to 7 per cent is a result of many “process reforms” undertaken that are not part of the headlines. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to global agencies.

“The 6.5-7 per cent GDP growth rate we are now seeing is driven at least in part by the efficiencies we get from this kind of reform,” Sanyal said, highlighting the importance of micro-reforms. He said that the government has removed hundreds of outdated colonial-era laws.

He noted that while small reforms often go unappreciated, their cumulative impact has significantly improved systemic efficiency. This, he added, is one of the key drivers behind the current 6.5-7 per cent GDP growth rate.

Moreover, Chief Economic Adviser (CEA) Anantha Nageswaran affirmed that the Indian economy is doing well and may achieve a growth rate at the higher end of its 6.3-6.8 per cent projection.

“All in all, given the global environment, our economy is doing quite well,” the CEA told reporters at a virtual press conference, soon after the GDP data for 2024-25 and January-March were released.” And if we continue with the efforts to bring in more foreign direct investment and the private sector, if it continues its increase in capital investment, which we saw in 2024-25 and urban consumption picks up on the back of let’s say, better capital formation, hiring and compensation, then we can probably achieve a growth rate which is at the higher end of this range (6.3-6.8 per cent).”As was widely expected, the Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25.

According to NSO’s second advance estimates, the country’s economy was projected to grow at 6.5 per cent in 2024-25. The Reserve Bank of India had projected 6.5 per cent GDP growth for the fiscal year 2024-25. In 2023-24, India’s GDP grew by an impressive 9.2 per cent, continuing to be the fastest-growing major economy. The economy grew 8.7 per cent and 7.2 per cent, respectively, in 2021-22 and 2022-23. (ANI)