Rahul slams government over trade deficit touching all-time high
The Hindu
Rahul Gandhi criticizes Modi government for prioritizing crony businesses, leading to weakened manufacturing sector and soaring trade deficits.
Slamming the Modi government, Leader of Opposition in the Lok Sabha Rahul Gandhi on Wednesday (December 18, 2024) said prioritising crony businesses over play-fair ones leads to weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation.
Tagging a media report which said that trade deficit and imports are at an all-time high, Mr. Gandhi hit out at the government.
Read Editorial: Trade shocker: On November’s trade estimates
"What happens when a government prioritises crony businesses over play-fair businesses?" Mr. Gandhi said.
"Result: Weakened manufacturing sector, depreciating currency, record high trade deficits, high interest rates, falling consumption and soaring inflation," he said in a post on X.
After recording double-digit growth in October, India's exports in November contracted by 4.85 per cent year-on-year to USD 32.11 billion, while the trade deficit widened to an all-time high of USD 37.84 billion due to record surge in gold imports.
According to the Commerce Ministry data, imports rose by 27 per cent year-on-year to a record USD 69.95 billion in November due to high inbound shipments of vegetable oil, fertiliser, and silver.
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