PM’s New Year Resolutions mere ‘Jumlas’: Kharge

“The Modi government has no solutions for the economic turmoil it has created! Here are seven indicators showcasing the extent of the crisis faced by ordinary Indians:

📌A 50% increase in gold loans and a 30% rise in gold loan non-performing assets (NPAs).
📌Private consumption, which reflects the total value of goods and services purchased by households, has slowed over the last eight quarters and has not returned to pre-Covid levels.
📌Car sales growth has plummeted to a four-year low.
📌 Wages in the engineering, manufacturing, process, and infrastructure (EMPI) sectors have only grown at a compound annual rate of 0.8% over the past five years (2019-2023).
📌Food inflation averaged 7.1% over the last eight quarters.
📌Indirect taxes, particularly GST on essential items, draining household savings, which are at a 50-year low.
📌 Household financial liabilities now account for 6.4% of GDP, the highest in decades.
📌 The rupee has reached an all-time low, leading to foreign fund outflows and significant losses for small investors amounting to lakhs of crores.

“Narendra Modi ji, your annual ‘New Year Resolutions’ have been nothing but ‘jumlas’ that are destroying the lives of every citizen,” Kharge said.

Modi Govt has NO solution for the Economic Turmoil it has created!

7 indicators that illustrate the extent of mess in the lives of ordinary Indians.

1⃣50% increase in Gold Loans and 30% jump in gold loan NPAs.

2⃣Private consumption – the total value of goods and services… pic.twitter.com/zhGxIQo7bJ

— Mallikarjun Kharge (@kharge) January 2, 2025

Congress general secretary Priyanka Gandhi Vadra also pointed out that, according to the RBI, the income of Indian families is consistently declining while the number of borrowers is on the rise.

Economic inequality has worsened under BJP rule: Priyanka Gandhi

“As incomes decrease, repaying loans becomes increasingly difficult, resulting in a 56% increase in gold loans in the first seven months of the current financial year, along with a 30% rise in defaults,” she said, adding that economic inequality had worsened under BJP rule, surpassing levels seen during British colonialism, with over half of the nation’s wealth concentrated in the hands of just 1% of the population.

“मुल्क थोड़े आदमियों के ऊंची कुर्सी पर बैठने से नहीं उठते, मुल्क उठते हैं जब करोड़ों लोग खुशहाल होते हैं और तरक्की करते हैं।” – पंडित नेहरू जी

👉 RBI के मुताबिक, भारतीय परिवारों की आमदनी लगातार घट रही है और कर्ज लेने वालों की संख्या बढ़ रही है।

👉 घटती आमदनी की वजह से लोन…

— Priyanka Gandhi Vadra (@priyankagandhi) January 2, 2025

She claimed private consumption had dropped for eight consecutive quarters, household savings were at a 50-year low, and job losses had continued since demonetisation. The burden of indirect taxes on middle and lower-income groups has exacerbated inflation, making it difficult for ordinary people to support their families, she said.

Quoting former Prime Minister Jawaharlal Nehru, she said, “Countries do not rise by a few people sitting on high chairs; they rise when millions of people are happy and progressing.” She criticised the Prime Minister for promises such as ’20 million jobs annually’, ‘5 trillion dollar economy’, and ‘Vishwaguru’, alleging that his flawed economic policies had weakened millions of citizens.

Government “stealing” mangalsutras from women: Jairam Ramesh

Congress general secretary Jairam Ramesh accused the government of “stealing” mangalsutras from women due to the increase in defaults on gold loans, attributing this to cronyism, erratic policies, and misguided priorities.

Ramesh said at least 30% of gold loans are now in default, leading to women losing their gold, including mangalsutras.

“The Modi Government’s rampant cronyism and erratic policymaking have earned it the dubious distinction of being the only government in independent India to steal mangalsutras from women,” Ramesh said.