New Delhi, March 5, 2025: Congress president Mallikarjun Kharge has launched a scathing attack on Prime Minister Narendra Modi, alleging that his remarks during the Lok Sabha election campaign about ‘stealing of mangalsutras’ have come true. Kharge’s criticism centers around the rise in gold loans, which he claims has forced women to mortgage their gold ornaments under Modi’s rule.
Kharge cited media reports and RBI data, stating that between 2019 and 2024, four crore women mortgaged their gold and took loans amounting to Rs 4.7 lakh crore. In 2024, 38% of the total loans taken by women were from gold loans.
Kharge argued that the Modi government’s policies, including demonetization, inflation, and falling household savings, have worsened the economic condition of middle-class families. He claimed that women have been forced to mortgage their most valuable possessions—jewelry and mangalsutras.
Kharge also highlighted the financial crunch faced by middle-class families, stating that 75% of people buy two-wheelers on loan. Due to rising loan defaults, two-wheeler financiers have cut down on lending for the first time since 2019. He noted that loans worth about Rs 2 lakh crore are still outstanding till September 2024, which has increased by Rs 40,000 crore in a year.
