Jairam Ramesh Criticizes PM Modi Over Rising Gold Loan Defaults

2 days ago

2 mins

Jairam Ramesh Criticizes PM Modi Over Rising Gold Loan Defaults

In New Delhi, Congress leader Jairam Ramesh criticized Prime Minister Narendra Modi regarding the increase in gold loan non-performing assets (NPAs). Ramesh accused the government of being the only one to "steal mangalsutras from women." He highlighted that during Modi's tenure, gold loans have surged, with Rs. 3 lakh crores outstanding. The NPAs rose by 30% from Rs. 5,149 crore to Rs. 6,696 crore between March and June 2024. Ramesh pointed out that many families, unable to repay these loans, lose their gold assets, often women's jewelry. He blamed the government's policies for this situation. PM Modi had previously criticized Congress, suggesting they would redistribute wealth, including mangalsutras, if they came to power.

Doubts Revealed

Jairam Ramesh

Jairam Ramesh is a leader from the Indian National Congress, a major political party in India. He often speaks on economic and environmental issues.

PM Modi

PM Modi refers to Narendra Modi, the Prime Minister of India. He is the leader of the Bharatiya Janata Party (BJP) and has been in office since 2014.

Gold Loan

A gold loan is a type of loan where people borrow money by pledging their gold jewelry as security. If they can't repay the loan, they might lose their gold.

NPA

NPA stands for Non-Performing Asset. It means a loan where the borrower has stopped making payments, and the bank might not get its money back.

Mangalsutra

A mangalsutra is a sacred necklace worn by married Hindu women in India. It symbolizes their marital status and is often made of gold.

Rs. 5,149 crore to Rs. 6,696 crore

These numbers represent the amount of money in crores (a crore is 10 million) that has become NPAs due to gold loans. It shows an increase in the amount of unpaid loans.

Redistribute wealth

Redistribute wealth means taking money or resources from one group and giving it to another, often to reduce inequality. In politics, it can be a controversial topic.