PM Modi's monopoly model has taken away jobs, devastated MSMEs: Rahul

NEW DELHI: Alleging that Prime Minister Narendra Modi's "monopoly model" has taken away jobs in the country, Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday stressed the need for simplifying the Goods and Services Tax (GST) and opening up the banking system to small businesses to promote job creation.

Sharing a video of the "Dogri Dham with RG" event hosted by the All India Professionals' Congress (AIPC) in Jammu on Wednesday, Gandhi said on X that the frustration in the eyes of a young start-up owner from Jammu and Kashmir reflects the struggles of most entrepreneurs and small-business owners in India.

"'Modi ji's monopoly model' has taken away jobs, devastated MSMEs and deprived people of opportunity," the former Congress chief said.

"The systematic attack on small and medium industries through incompetent policies like a bad GST and demonetisation has turned India from a producing economy to a consuming one. At this rate we can neither compete with China nor ensure prosperity for all Indians," he said, adding that India deserves better.

"We must simplify GST and open up the banking system to small businesses to promote widespread opportunity and job creation," Gandhi said.

In the video posted by Gandhi on the microblogging platform, he is seen telling the gathering, "If we come to power at the national level, we will remove this GST and change it."

He is also seen telling the gathering that the single-biggest reason for unemployment is that the basic structure of employment, which is small and medium businesses, is "under severe attack from five to 10 really big monopolies".

"These large monopolies have a control over the political system and they are organising a systematic attack on you," he said.

"What is the answer? The answer is a redesigned GST, banking support to small and medium industries, technological support to small and medium industries. India has a huge set of skills, capabilities. These are in different clusters.

"If I come to Jammu, I am certain that there will be certain things that you specialise in, certain skills you have. Linking those skills with finance, with technology and building up industries from the ground up is the way forward. We will give employment to people," he said.

At the event, Gandhi outlined several key policy proposals aimed at boosting the local economy, including improved access to capital for micro, small and medium enterprises (MSMEs), export incentives and measures to reduce tax-related burdens on businesses.

The event attracted 328 participants, with one-third representing business owners and a half comprising private sector professionals.

At the event, Gandhi participated in a candid question-and-answer session, where the attendees highlighted specific challenges facing businesses in the region.