Congress leader and leader of opposition in Lok Sabha Rahul Gandhi. | Photo Credit: ANI
Criticizing the Modi government, Leader of Opposition in Lok Sabha Rahul Gandhi on Wednesday (Dec 18, 2024) said that prioritizing crony businesses over play-fair would lead to weak manufacturing sector, currency devaluation, record high trade deficit, high interest rates, recession. Consumption and rising inflation.
Tagging a media report that the trade deficit and imports were at an all-time high, Mr. Gandhi hit out at the government.
Read the editorial: Trade shocker: November’s trade estimates
“What happens when the government prioritizes crony businesses over fair-play businesses?” Gandhi said.
“The result: a weak manufacturing sector, currency devaluation, record high trade deficit, high interest rates, falling consumption and rising inflation,” he said in a post on X.
After recording double-digit growth in October, India’s exports shrank 4.85 percent year-on-year to USD 32.11 billion in November, while the trade deficit widened to an all-time high of USD 37.84 billion due to a record rise in gold imports. .
Imports rose 27 percent year-on-year to US$69.95 billion in November due to higher inward shipments of vegetable oil, fertilizers and silver, according to Commerce Ministry data.
Gold imports during the review period reached an all-time high of US$ 14.8 billion as against US$ 3.5 billion in November 2023.
From April to November of the current financial year, total exports increased by 2.17 percent to 284 billion 310 million US dollars and imports increased by 8.35 percent to 486 billion 730 million US dollars.
The trade deficit, the difference between imports and exports, widened to USD 202.42 billion from USD 170.98 billion in April-November 2023.
published – December 18, 2024 at 11:41 am IST