Congress leader Rahul Gandhi on Wednesday said a lot of work was required to bring the country’s economy – crippled by the Narendra Modi regime at the Centre – back to life irrespective of whether the rupee was strong or weak.
Responding to questions at an interaction with media during his ongoing Bharat Jodo Yatra in Adoni, he said BJP’s policies had completely destroyed the strength of India’s economy and it was not just a question of the dollar price.
“Idea of strong or weak rupee, whether it is good or bad… it is actually more nuanced than that. It doesn’t actually work like that. But it is the question of how you look and think about the Indian economy,” Gandhi remarked.
A strong rupee has advantages and disadvantages. Both have to be taken into account, he said.
The Wayanad MP noted that job creation in the Indian economy has always happened on the back of small and medium businesses and a strong agriculture sector.
“Demonetisation and GST destroyed both these systems. Lakhs of small businessmen have gone out of business. India’s ability to create jobs has been crippled,” he said.
At the same time, there was a massive transfer of wealth from poor and middle class to a handful of “really rich business people”.
“The world’s third richest man is our Prime Minister’s close associate and friend. Everybody understands how he exactly has become the third richest man,” he said, in an indirect reference to businessman Gautam Adani.
“What people don’t clearly understand is this money transfers from farmers, small businessmen, middle class into the hands of these very rich people. The rich have access to the banking system but farmers or small businessmen cannot access it. The rich businessmen can have unlimited debt,” Rahul said, adding that this phenomenon has left the entire economy crippled.
Recalling his yatra through Ballari in neighbouring Karnataka, the Congress leader said it was known as the ‘jeans capital of India‘.
“This is a huge asset for India. If we open the doors of the banks to the jeans industry in Ballari, we will have many entrepreneurs who will give lakhs and lakhs of jobs,” he said.
The MP added that focus has to shift from two or three big business persons to people who actually create jobs. “That is basically the issue,” he observed.
Talking about the Goods and Services Tax, the Congress – if voted to power – would bring in a new GST that would be “one simple tax”, he said.
“We can give India a GST that actually simplifies the people’s lives. We will do it after conversation with the stakeholders,” he promised.
He said the Congress was opposed to the basic design of (existing) GST that the BJP has “imposed” without any conversation with the states.
“They have forced five different levels of GST. It exists nowhere else in the world, except in India. We will bring a GST that is one simple tax,” he said.
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