Are millennials responsible for India's economic slowdown? Rahul doesn't think so
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Former Indian National Congress President Rahul Gandhi has dubbed the Modi government's theory that millennials were the reason for slowdown in India's auto sector as "foolish theories" and said that India needed a concrete plan to fix the economy.
Gandhi also alleged that the BJP government was trying to hide the realities of India's economic slowdown by manipulating news cycles.
"What India needs isn't propaganda, manipulated news cycles and foolish theories about millennials, but a concrete plan to fix the economy that we can all get behind. Acknowledging that we have a problem is a good place to start," said Gandhi in a tweet.
With the tweet, Gandhi attached an interview of former Indian premier Manmohan Singh, in which the latter had dubbed Modi government's GST and demonetisation measures as causes of the economic slowdown.
Gandhi's remarks came two days after India's Finance Minister Nirmala Sitharaman told a press conference in Chennai said that the automobile and components industry had been affected by the mindsets of millennials, who she said now preferred to use Ola and Uber rather than committing to buying an automobile.
Gandhi has been critical of the BJP government over its handling of India's economy.
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On DawnNews
Comments (26) Closed
Sep 13, 2019 12:24pm
Does Rahul Gandgi knows any thing about economy??
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Sep 13, 2019 12:27pm
India needed a concrete plan to fix the economy and simple plan is to do what Nehru demanded of the UN. That is, conduct a free and fair plebiscite in Kashmir that should decide once for all, the fate of Kashmir according to the free and un-oppressed will of Kashmiri people. That would remove the need for keeping and feeding world's second largest army in the country having world's largest population of the poor, thus diverting all the money saved to improve econmy sky-high.
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Sep 13, 2019 12:28pm
Rahul Gandhi making a comment on Indian economy!!! It's like asking child what to do . Biggest joke of the day. Last competent person to comment on the Indian economy
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Sep 13, 2019 12:35pm
slowdown is now global
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Sep 13, 2019 12:37pm
Rahul is India's biggest problem.
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Sep 13, 2019 12:41pm
Nobody takes Rahul Gandhi serious in India. Why are we paying attention to him???
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Sep 13, 2019 12:48pm
Like Imran Khan PM Modi is no economist.
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Sep 13, 2019 12:49pm
Except Motilal Nehru, in his family tree Indira/Rajiv/sanjay/Rahul/Varun/Priyanka...no one passed school final. They had super life style, money to educate themselves.
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Sep 13, 2019 12:58pm
Pakisthani friends , India has been growing above 7 percent from many year, this year 2019 India is growing 5 percent it is not at all bad news for india... due to this global slow down many big countries are facing negative percent growth..
By The Way how much Pakistan grew ,?
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Sep 13, 2019 01:24pm
BTW. Modi has said nothing. Only Sitharam said this
However, Manmohan is probably right . The nation is adjusting to GST and demonetisation
GST needs fine tuning Demonetisation has had a lot of pluses
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Sep 13, 2019 01:28pm
@M. Saeed, "what Nehru demanded of the UN. That is, conduct a free and fair plebiscite in Kashmir"
Maybe Pakistan should have followed the UN prescription of demilitarization immediately. Four India this is all history, but to understand better, YouTube search for Christine Fair with (a self professed) Pakistani Fulbright scholar.
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Sep 13, 2019 01:36pm
@M. Saeed, India has many concrete plans, economy is the last priority. As for the first priorities, we will add know soon, won't we.
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Sep 13, 2019 02:09pm
Don't bet on Rahul Gandhi ..... please
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Sep 13, 2019 02:15pm
Rahul gandhi and economy poles apart...........
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Sep 13, 2019 02:17pm
If really Rahul Gandhi is so concerned about the economy why don't he share the plan to boost economy instead of criticising ?
People already ousted congress party.
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Sep 13, 2019 02:19pm
The fact is that all leading international Economists have a common view that the main reasons for India's economic slowdown is due to three reasons alone - 1) Modi's economically illiterate Demonetizaton decision, 2) Modi's poorly conceived GST implementation, and 3) Modi's crony capitalism (overly favouring a couple of cronies such as Ambani and Adani, and persecuting other industrialists who don't share Modi's political ideology). All of this has effectively destroyed India's economy, which was growing at nearly 9% just 5 years ago under Manmohan Singh, and it will now take India at least 10 years to get back to its original state, even if they take corrective action. Problem is even the corrective action is unlikely as things stand, because too many middle-class Indians are obsessed with Modi's Hindutva ideology, and don't care even if India's economy goes down the drain the process.
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Sep 13, 2019 03:00pm
Past 7 years data shows that Auto sector grew at double digits. Hence capacities doubled. Somecompanies set up multiple factories. Hence Component sector also added capacities. Dealer network grow by 50 percent.
Now sales are down as many have cars now. Check the data of number of outbound travellers. There is a double digit growth there. Young people dont want to own an apartment or car instead prefer renting or leasing.
They want to spend on experiences, education etc. The number of restuarants and dining out spaces have more than tripled in past decade.
More teacher vacancies are getting filled. Enough jobs availlable in healthcare and paramedical care. Similarly in logistics.
Finance companies say that in next ten years what they will finance will be funding something radically different than today.
A change is underway.
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Sep 13, 2019 04:31pm
Millennial thought in India. Suppose, someone purchases a car for Rs 10 lacs and taking its annual depreciation at 20%, per day cost is Rs 550/. Annual insurance around Rs 35k and fuel @ of Rs3k per month that is annual expenditure on insurance and fuel is Rs 71K means Rs 200/ per day. Adding loan interest part @ Rs 50 per day, total nominal liability per day becomes Rs 800/ per day. So one has to incur Rs800/ daily irrespective of its use. This excludes expenses on regular maintenance of the vehicle, occasional traffic challans and self driving and parking. People don't move daily. So why should they go for personal cars when stress less Ola and Uber cars are available in plenty with that much of money? Generation x do have obsession to own four wheelers but Millennials dont need it.
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Sep 13, 2019 04:45pm
@Sachin Tandon,
But an empty stomach has a way for making itself known.
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Sep 13, 2019 04:50pm
The 5 percent growth is in the quarter. India is still expected to grow above 7% yearly.
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Sep 13, 2019 07:19pm
@Ali kazmi,
Talking from experience, perhaps.
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Sep 13, 2019 09:44pm
@M. Saeed, very well said. But fascist are an obstacle.
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Sep 13, 2019 09:49pm
@kuladeep patil, Pakistan grew 6.5% and as you said, due to global slow down, it has dropped to 4. 5%. Sad to disappoint you. BTW how millions sleep on streets, every night, in every major Indian city.
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Sep 13, 2019 11:34pm
He and his dynasty family has been one of the probems
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Sep 14, 2019 12:13am
@Rishi Kesh Tewari, Are you competent enough to write about him.All of you are jealous of him.
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Sep 14, 2019 02:39am
@Rehman, so what do you think are the reasons for Pakistan’s economy being down the drain for so long?
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