Lucknow (Uttar Pradesh) [India], May 20 : Samajwadi Party (SP) chief Akhilesh Yadav on Wednesday launched a sharp attack on the Central government, alleging that its economic policies have weakened India's industries and increased dependence on foreign companies.
Yadav claimed that India no longer figures among the world's top 100 companies and accused the ruling BJP of following "commission-driven" policies that, according to him, have harmed sectors ranging from manufacturing and agriculture to IT, banking, MSMEs, textiles, healthcare and services.
He alleged that rising inflation, unemployment, and falling demand have pushed the economy into distress, while also claiming that small shopkeepers have been badly affected due to online platforms and policy failures.
In a post on X, Yadav wrote, "News: None of India's companies remain in the list of the world's top 100 companies anymore. This is the pernicious fallout of the BJP's corrupt economic policies. The BJP's commission-driven dealings have weakened every company, as a result of which everything from raw materials to finished goods, agricultural and industrial production, has been severely impacted; consequently, India's share-bullion market, banks, insurance, marketing, management, IT-software, transportation, MSME, FMCG, textiles, healthcare, lifestyle, communication, trading, and service sectors have all been pushed to the brink of ruin."
https://x.com/yadavakhilesh/status/2057063274701783390?s=20
"The dominance of foreign companies and the secret plan to hand over lump-sum commissions to the BJP are precisely why small shopkeepers have been crushed. The blow from online platforms is also landing due to the BJP's misguided policies," the post read.
The SP chief further said that rising prices of petrol, diesel and gas, along with issues related to GST and foreign policy, have contributed to a weakening rupee and increased cost of living.
Yadav also accused the government of failing to create adequate government jobs and said that exports and foreign exchange reserves have been impacted.
"It is the BJP's commission-driven dealings that have driven up inflation, which in turn reduced demand in the market and ushered in an era of recession; this led to a drop in production, layoffs of people, and the rampant unemployment that has surged over the past ten years has now spiralled completely out of control. No government jobs were provided, which has overall wrecked the economy. The rupee has plummeted toward the abyss against the dollar. Exports have suffered massive losses due to misguided foreign policy, and there's no foreign exchange left to cover imports," the post read.
"Shortages of gas and the continuously rising prices of expensive petrol-diesel have made every commodity and service costlier. The corruption in GST has completed the remaining damage. The BJP government, after lecturing others to exercise restraint, has itself set off on a spree of foreign jaunts," the post further read.
The remarks came after petrol and diesel prices were increased across the country on Tuesday.
In Delhi, petrol prices rose by 87 paise, climbing from Rs 97.77 to Rs 98.64 per litre, while diesel prices increased by 91 paise, moving from Rs 90.67 to Rs 91.58 per litre.
Mumbai witnessed a hike of 91 paise in petrol prices, taking it to Rs 107.59 per litre, while diesel prices increased by 94 paise to Rs 94.08 per litre.
In Chennai, petrol prices rose by 82 paise to Rs 104.49 per litre, while diesel prices surged by 86 paise to Rs 96.11 per litre.
Kolkata recorded a 96-paise increase in petrol prices, pushing rates to Rs 109.70 per litre, while diesel prices rose by 94 paise to Rs 96.07 per litre.
This marks the second fuel price increase in less than a week. Earlier, the Centre had increased petrol and diesel prices by Rs 3 per litre each on May 15.
The hikes come amid rising global crude oil prices linked to the ongoing West Asia conflict and disruptions around the Strait of Hormuz, a key maritime trade route.
Brent crude prices have remained above USD 100 per barrel following tensions arising from the US-Israel-Iran conflict that began earlier this year.