Gold Bond Scheme: A Shining Fiasco

The Congress criticizes Narendra Modi's Sovereign Gold Bond Scheme, labeling it a fiasco akin to demonetisation and 'Make in India.' Burdened by a 930% increase in liabilities, the government is slashing gold import duties and halting new bond issues. The Congress urges policy shifts for economic rejuvenation.

The Congress party has labeled the Sovereign Gold Bond Scheme, an initiative launched by the Narendra Modi government, as a 'complete fiasco.' Congress General Secretary Jairam Ramesh highlighted a sharp increase in liabilities, akin to other criticized programs like demonetisation and 'Make in India.'

A report shared by Ramesh revealed that the government had seen its liabilities on sovereign gold bonds rise by an astonishing 930% by the fiscal year 2023-24. In response, the government has reduced import duties on gold and halted issuing new bonds to control this financial burden.

In its economic critique, Congress points to rising prices, stagnant wages, and low consumption as key issues afflicting the populace. They advocate for policy changes focused on empowering rural areas and promoting investments away from cronyism towards grassroots development.

(With inputs from agencies.)