PM Modi's appeal on fuel savings an admission of failure, will rattle markets: Akhilesh Yadav

Lucknow: A day after Prime Minister Narendra Modi's appeal regarding an austerity drive amid the West Asia conflict, SP chief Akhilesh Yadav on Monday alleged that the BJP government had failed in handling both the economy and foreign policy, calling its appeal an "admission of failure".

In a post on X, Yadav said, "As soon as elections are over, the government suddenly remembered the 'crisis'. In reality, there is only one crisis for the country and its name is BJP." The former Uttar Pradesh chief minister questioned how the country would achieve the goal of becoming a "five trillion dollar economy" if the government was forced to impose several restrictions.

"So many restrictions are being imposed, then how will the much-publicised 'five trillion dollar economy' become a reality? It appears the BJP government has completely lost control," he said.

Claiming that the rupee was weakening sharply against the dollar, Yadav alleged that the BJP government's economic management had collapsed.

"The dollar is touching the sky while the Indian rupee is sinking deeper," he said. Referring to the government's appeal to avoid unnecessary purchases, including gold, the Samajwadi Party (SP) chief said such advice should be directed at BJP leaders instead of common people.

"An appeal not to buy gold should be made to corrupt BJP leaders, not to the public, because ordinary people are anyway unable to buy even a small quantity of gold," he said.

He further alleged that BJP leaders were engaged in converting "black money into gold", adding, "If anyone doubts this, they should enquire from Lucknow to Gorakhpur or from Ahmedabad to Guwahati." Yadav also questioned why such appeals and restrictions surfaced only after the elections.

"During the elections, BJP leaders took thousands of chartered flights. Were those planes flying on water? Were they not staying in hotels? Why did they not campaign entirely through video conferencing if savings were so important?" he asked.

He alleged that the restrictions and appeals were meant only for the common people while those in power continued to enjoy privileges.

The SP chief warned that such statements from the government could create panic in markets and among the public.

"This kind of appeal will spread fear, anxiety, restlessness and disappointment in trade, business and markets due to apprehensions of recession and inflation," he said.

"The government's job is to utilise its vast resources to help the country overcome emergency situations, not to create fear and chaos," he added.

Yadav said if the government was unable to govern effectively, it should "accept its failure instead of ruining the country".

He also blamed the Centre's foreign policy for the present economic situation, alleging that the BJP government had moved away from India's traditional non-aligned approach.

"The real reason behind these conditions is the BJP government abandoning the country's traditional policy of non-alignment and aligning itself with certain groups due to specific pressures and interests," he said.

According to Yadav, the public was paying the price for these policies in the form of inflation, unemployment, slowdown and economic distress.

"Farmers, labourers, youth, homemakers, salaried employees, professionals and traders -- everyone has been affected," he said.

The SP president alleged that the BJP had "failed in both foreign policy and domestic governance" and described the government's appeal as "a confession of its own shortcomings".

"Votes were secured, and now the BJP's flaws are becoming visible,” he said.

Launching a broader attack on the ruling party, Yadav accused the BJP of "polluting politics through electoral irregularities", "damaging social harmony by spreading hatred", and "weakening cultural and social values through its conduct".

"In every sphere -- cultural, religious, political, social and economic -- the BJP has damaged the country," he alleged.

Claiming that public anger was rising sharply after the government's appeal, Yadav asserted that the BJP would not be able to manage the situation through "electoral jugglery".

"The country is now saying clearly that it does not want the BJP anymore," he added.

Prime Minister Modi had on Sunday said the Centre is trying to shield people from the adverse impact of the conflict in West Asia and called for judicious use of fuel, postponement of gold purchases and foreign travel, among other measures, to strengthen the economy.

Addressing a rally organised by the Telangana BJP, he had suggested reducing petrol and diesel consumption, using metro rail services in cities, carpooling, increased use of electric vehicles (EVs), utilising railway services for parcel movement and working from home to conserve foreign exchange amid the crisis in West Asia.

"We got into work-from-home, virtual meetings, video conferencing and many other methods during Covid-19. We got habituated to them. The need of the hour is to resume those methods," Modi said.

He called for reducing the consumption of edible oil, lowering the use of chemical fertilisers and promoting natural farming and Swadeshi products to save foreign exchange and make the country self-reliant.