In a rare move, Rahul Gandhi, Leader of the Opposition, recently raised concerns over India’s slowing GDP growth—a significant issue indeed. However, instead of offering substantive insights, his critique quickly veered into familiar territory: targeting industrialists Mukesh Ambani and Gautam Adani. This predictable rhetoric does little to illuminate the economic challenges India faces and only serves to undermine his own credibility.
India’s GDP growth has undeniably slowed, registering its lowest rate in nearly two years. The manufacturing sector, a critical engine of job creation, has seen a marked decline. While mining, quarrying, and a dip in exports also contributed to the slump, attributing this complex situation to two business leaders alone is a reductive oversimplification that fails to resonate with the public.
India’s GDP grew at 5.4% in the July-September 2024 quarter, a steep drop from 6.7% in the previous quarter and 8.1% in the same period last year. The Reserve Bank of India (RBI) had projected a more optimistic 7% growth for this quarter, but global and domestic factors proved to be formidable obstacles.
Notably, this period coincided with the country’s major festive season—traditionally a time of robust consumer spending on homes, cars, jewelry, and other goods. Despite this, economic activity did not meet expectations.
The government’s ambitious “Make in India” initiative, launched a decade ago, aimed to boost the manufacturing sector’s contribution to GDP. However, the sector’s share remains stagnant, highlighting the persistent challenges of scaling up industrial production. Without a manufacturing revival, India’s broader economic growth will struggle to gain momentum.
Experts have long cautioned about global headwinds, including weak demand in key export markets and geopolitical uncertainties. Domestically, issues such as high inflation and supply chain disruptions have further hampered growth. These factors, not the supposed undue influence of two industrialists, are the real culprits behind the economic slowdown.
Rahul Gandhi’s persistent focus on Ambani and Adani reflects a broader opposition strategy of vilifying business leaders to attack the government. However, this approach lacks substantive evidence and increasingly feels like a tired narrative. Such accusations have become a political trope rather than a meaningful critique, often ridiculed by the public and dismissed by experts.
Moreover, the opposition’s fixation on crony capitalism obscures legitimate economic discussions. Instead of presenting concrete solutions, Gandhi’s rhetoric fosters a climate of suspicion and division, undermining investor confidence—a critical component for economic growth.
To address the slowdown, India needs a multi-pronged strategy focused on revitalizing key sectors: (a) Boosting manufacturing by easing business regulations, improving infrastructure, and attracting high-tech investment; (b) Strengthening exports through market diversification and enhanced competitiveness to mitigate global risks; and (c) Encouraging consumer spending by implementing policies that increase disposable income and curb inflation.
Criticism, when rooted in facts and accompanied by actionable suggestions, is vital in a democracy. Rahul Gandhi’s concerns about GDP growth are valid, but they lose impact when overshadowed by unsubstantiated attacks. A more nuanced, data-driven approach would not only enhance his credibility but also contribute meaningfully to national discourse.
In times of economic uncertainty, what India needs is constructive engagement—not political posturing. The focus should be on fostering solutions that drive growth and benefit all, rather than resorting to rhetoric that divides and distracts. Thus far, the economic challenges are real, but so are the opportunities. It’s time for all stakeholders, including the opposition, to rise above partisan narratives and work toward a common goal: a prosperous, resilient India.
