Economy – Akhilesh Yadav Questions Centre Over Austerity Appeal Amid Crisis
Economy – Samajwadi Party president Akhilesh Yadav on Monday criticised the Union government’s handling of the economy and foreign policy, claiming recent calls for austerity reflected growing pressure on the administration. His remarks came a day after Prime Minister Narendra Modi urged citizens to adopt cost-saving measures in response to the ongoing conflict in West Asia.
Opposition Targets Government’s Economic Messaging
In a statement posted on social media platform X, Yadav said the government appeared to acknowledge serious economic concerns only after elections had concluded. According to him, the administration’s latest appeal to reduce fuel consumption and avoid non-essential spending was effectively an indication that economic management had weakened.
The former Uttar Pradesh chief minister argued that repeated restrictions and conservation measures raised doubts over the government’s long-term economic targets, including its ambition of transforming India into a five trillion dollar economy. He alleged that inflationary pressure and currency weakness were signs of deeper structural problems.
Yadav also pointed to the falling value of the rupee against the US dollar, accusing the Centre of failing to stabilise the economy during a period of global uncertainty.
Remarks on Gold Purchases and Public Spending
The Samajwadi Party leader criticised the government’s advice asking people to postpone gold purchases. He claimed ordinary citizens were already struggling financially and could barely afford such investments.
Yadav further alleged that influential individuals connected to the ruling party were converting unaccounted wealth into gold assets. Without naming anyone directly, he said such issues should be investigated across multiple regions of the country.
He also questioned why austerity discussions emerged only after the electoral process ended. Referring to election campaigning, Yadav said political leaders had extensively used chartered flights and luxury facilities during the polls.
According to him, the burden of economic discipline was being placed largely on common citizens, while those in power continued to enjoy privileges without restraint.
Concerns Over Market Sentiment
The SP chief warned that repeated public messaging about restrictions and savings could negatively influence business confidence. He said traders, investors and consumers might interpret such statements as signs of an approaching slowdown or economic instability.
Yadav maintained that governments should focus on reassuring citizens during difficult periods rather than creating uncertainty. He added that public anxiety over inflation, employment and rising costs was already affecting multiple sectors.
He argued that if the administration was struggling to manage the situation effectively, it should acknowledge shortcomings openly instead of placing additional pressure on the public.
Foreign Policy Also Comes Under Criticism
Apart from economic issues, Yadav also targeted the Centre’s foreign policy approach. He claimed India had moved away from its traditional non-aligned diplomatic position and become aligned with select international blocs.
According to him, global tensions and external pressures were now having a direct impact on domestic economic conditions. He said farmers, labourers, salaried workers, traders, homemakers and young people were all facing the consequences through inflation, unemployment and slowing economic activity.
The opposition leader further alleged that the ruling party had failed to balance governance priorities effectively at both domestic and international levels.
Prime Minister Modi Calls for Conservation Measures
Prime Minister Narendra Modi, while addressing a rally organised by the Telangana BJP on Sunday, had appealed to citizens to adopt practical steps aimed at reducing pressure on the economy amid the West Asia conflict.
The Prime Minister encouraged lower fuel consumption, greater use of metro services, carpooling and electric vehicles, along with increased reliance on railway transport for goods movement. He also suggested wider adoption of work-from-home arrangements and virtual meetings, recalling methods used extensively during the Covid-19 pandemic.
Modi said these measures could help conserve foreign exchange reserves and reduce unnecessary expenditure during uncertain global conditions. He also advocated reduced edible oil consumption, lower dependence on chemical fertilisers and stronger promotion of natural farming and domestically manufactured products.
According to the Prime Minister, such steps would strengthen economic resilience while helping the country move towards greater self-reliance during international disruptions.