Daijiworld Media Network – New Delhi
New Delhi, Mar 5: Congress President Mallikarjun Kharge launched a scathing attack on Prime Minister Narendra Modi on Wednesday, accusing him of creating an economic environment where women are now forced to mortgage their gold ornaments due to rising financial distress. Kharge referenced Modi's earlier remarks during the 2019 Lok Sabha election campaign about the ‘stealing of mangalsutras,’ suggesting that the reality under Modi’s rule has made those comments come true.
Citing media reports, Kharge claimed that between 2019 and 2024, around four crore women were forced to mortgage their gold, amounting to a staggering Rs 4.7 lakh crore in gold loans. He added that in 2024, 38 percent of all loans taken by women were in the form of gold loans.
The Congress leader also referenced recent data from the Reserve Bank of India (RBI), revealing a dramatic 71.3 percent year-on-year increase in gold loans by February 2025, further fueling his criticism.
"Narendra Modi ji, you spoke about 'stealing mangalsutras,' and now, under your leadership, it has come true. Women are being forced to mortgage their gold ornaments. First, you wiped out their 'stri-dhan' through demonetisation, and now, due to inflation and dwindling household savings, they are left with no choice but to pledge their most precious asset — their jewelry," Kharge posted in Hindi on X.
Kharge also accused the Modi government of severely damaging the economy, claiming that the middle class is facing unprecedented hardship. He pointed to data suggesting that more people buying two-wheelers on loan are struggling to repay them due to financial strain. He noted that two-wheeler financiers are reducing lending for the first time since 2019, as rising defaults take a toll.
"Seventy-five percent of people purchase two-wheelers on loans with the intention of repaying them gradually, but the financial situation is so dire that, as of September 2024, loans worth approximately Rs 2 lakh crore are still unpaid, marking an increase of Rs 40,000 crore from the previous year," Kharge stated.
He also mentioned that two-wheeler sales had seen a 6 percent decline in February 2025, further reflecting the impact of the economic downturn.
“Recession, financial crisis, and a decline in spending power — this is the reality of the economy you run,” Kharge added, continuing his critique of the Prime Minister's economic policies.