Lucknow, May 17 (PTI) Samajwadi Party chief Akhilesh Yadav on Sunday alleged that the economic policies of the government have turned the nation’s economy into an "anarth-vyavastha" (disastrous economy), pushing small-scale jewellers to the brink of financial ruin.
Yadav claimed that the jeweller community, already reeling under law-and-order issues, is now being systematically targeted to benefit large corporate houses at the cost of traditional small traders.
He said that the public has grown weary of the current regime's financial mismanagement.
"The policies of the BJP government have turned the country's economy into an "anarth-vyavastha", filling the lives of ordinary people with crisis. Today's jeweller says, we don't want the BJP," he said.
In a statement issued from the party headquarters here, the former Uttar Pradesh Chief Minister said the goldsmith community is facing an unprecedented crisis due to a string of detrimental government decisions.
"The issue of the security of jewellers, who are being robbed in broad daylight across Uttar Pradesh, was not even resolved yet, and then came the trade-shattering call for 'Sonabandi' (curbs on gold), followed by the decree to increase import duty on gold by two and a half times," Yadav said.
The SP chief said traditional, small-scale jewellers were already struggling to compete with corporate giants entering the jewellery market.
The new policies, he alleged, feel like a deliberate attempt to wipe them out entirely.
Linking the policy changes to alleged crony capitalism, Yadav charged that the BJP is creating a monopoly for large companies in exchange for political funding.
"It seems that the BJP leaders, under the pretext of war, spoke of 'Sonabandi' (curbs on gold) just to secure a lump-sum commission from big corporations. The BJP knows that within a year, lakhs of small jewellers will face bankruptcy and shut down their businesses," the SP leader alleged.
"Once that happens, these big companies will open their showrooms in every small and big city, looting the public by selling jewellery at arbitrary prices, and in turn, generating immense wealth for the BJP."
Prime Minister Narendra Modi last Sunday in his address to the nation called for judicious use of fuel, postponing gold purchases and foreign travel due to the West Asia crisis. He urged the people to use the metro, carpooling, increased use of electric vehicles and working from home to conserve foreign exchange.
Expressing solidarity with the trader community, Yadav said that the desperation among jewellers reflects a deeper systemic crisis affecting all sectors of the economy.
"Today, after listening to the grievances of the jeweller community, it feels like when the sheen of the showrooms and jewellery shops of those who invest the maximum capital in business has faded, what will be the fate of other businesses? Where will these people go, and how will they sustain their families?" Yadav asked.