New Delhi [India], March 5 (ANI): Congress President Mallikarjun Kharge on Wednesday slammed the BJP government led by Prime Minister Narendra Modi for bringing the Indian economy to a crossroads, and the middle class crying out for relief.

He questioned PM Modi on the worsening economic condition of the country after India's stock market has been witnessing a bloodbath over the past few trading sessions.

Tagging PM Modi in a social media post on X, he blamed him for his economic policies that have led to stagnation, hardship, and empty pockets.

'Recession, poverty and pocket-bankruptcy - this is the essence of the economy you run,' he said. This comes after Nifty registered a 10-day losing streak amid multiple triggers, including relentless selling by foreign investors and fears of an escalating trade war.

Kharge said that the promise of a better life is slowly slipping away, as women are forced to mortgage their gold jewellry to make ends meet.

'You talked about 'stealing the mangalsutra'. That has now come true. Under your rule, women have been forced to mortgage their gold jewellery,' he wrote on X.

The Congress chief said that between 2019 and 2024, a staggering 4 crore women took loans worth Rs 4.7 lakh crore by pledging their gold, a stark reminder of the economic hardship faced by the middle class.

'Between 2019 and 2024, 4 crore women have taken loans worth Rs 4.7 lakh crore by pledging their gold. Gold loans accounted for 38% of the total loans taken by women in 2024. RBI data in February 2025 showed that gold loans grew by a massive 71.3% in a year,' said Kharge.

He blamed PM Modi for implementing demonetization, making women's savings disappear, and now inflation and decreasing domestic savings have forced them to mortgage their most valuable possessions - their jewellery.

'First you made the women's Stridhan disappear by implementing demonetization, now due to inflation and falling household savings, they are forced to mortgage their most valuable thing - their jewellery,' alleged Kharge.

The situation is further exacerbated by the rising cost of living, which has eroded the purchasing power of the middle class. The Russia-Ukraine war has triggered a severe cost-of-living crisis, with prices of essentials doubling in a year. The middle class is struggling to afford necessities like housing, food, and healthcare.

Kharge further said that the state of the economy has become dire under PM Modi's leadership, adding that middle-class families who buy two-wheelers are now unable to repay their loans.

'You have worsened the condition of the economy to such an extent that our middle class families who bought two-wheelers are now unable to repay their loans,' Kharge added.

Due to increasing loan defaults, two-wheeler financiers are reducing loan disbursements for the first time since 2019. 75% of people buy two-wheelers on loan to repay it gradually, but economic hardship has led to Rs2 lakh crore of pending debt as of September 2024, with an increase of Rs40,000 crore in just a year. In February 2025, two-wheeler sales saw a 6% decline.

'75% of people buy two-wheelers on loan so that they can repay it slowly, but the financial crunch is so severe that as compared to last year, the loan outstanding till September 2024 is about Rs 2 lakh crore, which has increased by Rs 40,000 crore in a year. Two-wheeler sales have declined by 6% in February 2025,' said Kharge.

The Indian stock market has been experiencing a severe downturn, and market experts attribute this trend to two primary factors.

Firstly, the rise in US bond yields has led to a shift in investor sentiment, with many opting for the relatively safer and more lucrative US bond market.

Secondly, foreign institutional investors (FIIs) are increasingly favoring the Chinese market over the Indian market, further exacerbating the downturn. (ANI)