Has Rahul Gandhi really changed? Here's what Ruchir Sharma has to say

Ruchir Sharma, Chairman of Rockefeller International, suggests that the rising prominence of Rahul Gandhi may be more about the public's desire for change than a shift in Gandhi himself. Speaking at the BT India@100 summit, Sharma weighed in on Gandhi’s brand of welfare politics, noting that the electorate’s fatigue with the current state of affairs could be driving this renewed attention.

Sharma was candid in his assessment, stating, "I'm not sure whether Rahul Gandhi has really changed or if people are simply in a mood to see something new." He pointed out that this shift in public sentiment is not unique to Gandhi or even to India.

"The natural tendency for any opposition is to oppose whatever the government at the center is doing," Sharma observed, when asked about the Congress leader's brand of politics. Sharma emphasized that such dynamics are common in democracies worldwide.

However, he warned against taking opposition rhetoric at face value, as the realities of governance often lead to different actions once in power.

Reflecting on India’s political landscape, Sharma highlighted the errors of the UPA government, particularly its overemphasis on welfare schemes at the cost of infrastructure development, which he argues led to runaway inflation. "Inflation was out of control under the UPA, and no government has won elections in India when inflation is high," Sharma remarked, crediting the NDA with rebalancing priorities toward infrastructure. He cautioned, however, that any future government must tread carefully to avoid policies that could trigger inflation, a risk that carries significant political consequences.

Sharma also expressed doubts about India’s ability to achieve developed nation status by 2047 at the current growth rate. "Growing at 6% a year, which seems to be the trajectory, we will struggle to be a middle-income country by 2047," he asserted, calling for more aggressive reforms to spur economic growth. He contrasted India's approach with that of China, noting that China’s embrace of ruthless capitalism and an export-driven strategy allowed it to achieve much higher GDP growth.