Home/MARKETS/INDIA/Article
TrendingMARKETS

Modi’s austerity drive is an admission of failure on economic and foreign fronts, alleges Akhilesh

The Hindu reports: The Samajwadi Party (SP) president, Akhilesh Yadav, hit out at the Bharatiya Janata Party (BJP) government on Monday (May 11, 2026) after Prime Minister Narendra Modi’s appealed for austerity owing to the Iran conflict in West Asia and alleged that the BJP gove

BRIC Team
BRIC Team
May 11, 2026 · 2 min read · 2 views
Originally reported by The Hindu
Modi’s austerity drive is an admission of failure on economic and foreign fronts, alleges Akhilesh

Key Takeaways

  • He said the appeal was an “admission of failure”.“As soon as the elections were over, the BJP recalled the ‘crisis’.
  • It appears the BJP government has completely lost control.
  • In fact, there is only one ‘crisis’ facing the country and that we know as the ‘BJP’.If so, many restrictions have to be imposed, how will the ‘five trillion-dollar jumla economy’ be created?
  • The dollar is skyrocketing, and the Indian rupee has plummeted.BackgroundThe BJP should be appealing to its corrupt allies to buy gold, not the public, the public can’t afford to buy gold for ₹1.5 lakh anyway.

The Hindu reports: The Samajwadi Party (SP) president, Akhilesh Yadav, hit out at the Bharatiya Janata Party (BJP) government on Monday (May 11, 2026) after Prime Minister Narendra Modi’s appealed for austerity owing to the Iran conflict in West Asia and alleged that the BJP government had failed on both the economy and foreign policy. He said the appeal was an “admission of failure”.“As soon as the elections were over, the BJP recalled the ‘crisis’. In fact, there is only one ‘crisis’ facing the country and that we know as the ‘BJP’.

If so, many restrictions have to be imposed, how will the ‘five trillion-dollar jumla economy’ be created? It appears the BJP government has completely lost control. The dollar is skyrocketing, and the Indian rupee has plummeted.

Background

The BJP should be appealing to its corrupt allies to buy gold, not the public, the public can’t afford to buy gold for ₹1.5 lakh anyway. The BJP itself is busy converting its ill-gotten gains into gold. If you think we’re wrong, check what’s happening from Lucknow to Gorakhpur and from Ahmedabad to Guwahati,” Mr.

Key facts

  • He said the appeal was an “admission of failure”.“As soon as the elections were over, the BJP recalled the ‘crisis’.
  • In fact, there is only one ‘crisis’ facing the country and that we know as the ‘BJP’.
  • If so, many restrictions have to be imposed, how will the ‘five trillion-dollar jumla economy’ be created?
  • It appears the BJP government has completely lost control.
  • The dollar is skyrocketing, and the Indian rupee has plummeted.

What this means

PM Modi urges citizens to cut fuel use, avoid foreign travel“Why are restrictions thought of only after the elections? Were the thousands of charter flights taken by BJP members during the elections running on water? Weren’t they staying in hotels, or were they cooking and eating food with a photo of a cylinder?

Why didn’t the BJP campaign via video conferencing during the elections? Are all the restrictions only meant for the public?” Mr. Yadav said.Appeal will cause panicThe SP president said such appeals have the potential to spread panic, anxiety, and despair, along with fear of recession, and inflation among the business community, traders, and the markets.

Originally reported by The Hindu. This story has been edited and re-presented by BRIC Team.

#India

Share this article

Related Articles

Sustainable budget policy creates room for rate normalization — Novak

Sustainable budget policy creates room for rate normalization — Novak

TASS reports: Predictable and sustainable budget policy creates room for reducing inflation risks and normalizing interest rates, Russian Deputy Prime Minister Alexander Novak said in an interview with Vedomosti. "Balancing the budget is also a condition for the consistent easing

BRIC Team

May 12, 20261 views
Vizag Port handles 26% of India’s seafood exports; shipments hit record ₹72,325 crore

Vizag Port handles 26% of India’s seafood exports; shipments hit record ₹72,325 crore

The Hindu reports: Visakhapatnam Port has retained its position as the leader in India’s marine exports, handling a record share of the country’s 19.32 lakh metric tonnes of seafood shipments in the 2025-26 financial year.According to the latest data from the Marine Products Expo

BRIC Team

May 12, 20260
UAE’s exit from OPEC increases importance of OPEC+ for Russia — economist

UAE’s exit from OPEC increases importance of OPEC+ for Russia — economist

TASS reports: The UAE’s withdrawal from OPEC increases the role of the OPEC+ format in stabilizing the oil market and protecting Russia’s export interests, Dean of the Faculty of Financial Economics at MGIMO University Igbal Guliyev told TASS. "The weakening of internal coordinat

BRIC Team

May 12, 20261 views
Trade turnover in EAEU exceeds $95 bln in 2025 — Russian Deputy Foreign Minister Galuzin

Trade turnover in EAEU exceeds $95 bln in 2025 — Russian Deputy Foreign Minister Galuzin

TASS reports: Trade turnover within the Eurasian Economic Union (EAEU) reached a record high last year, exceeding $95 bln, Russian Deputy Foreign Minister Mikhail Galuzin said. "Over the course of its existence, the Union has achieved significant economic success, demonstrating i

BRIC Team

May 12, 20261 views
Pakistan to increase oil purchases from Russia amid crisis in Strait of Hormuz — envoy

Pakistan to increase oil purchases from Russia amid crisis in Strait of Hormuz — envoy

TASS reports: Pakistan will increase oil imports from Russia due to the crisis in the Strait of Hormuz, Pakistani Ambassador to Moscow Faisal Niaz Tirmizi said in an interview with TASS. Demand for Russian energy resources has increased amid the crisis around the Strait of Hormuz

BRIC Team

May 12, 20260
Pakistan Stream gas pipeline initiative alive — ambassador to Russia

Pakistan Stream gas pipeline initiative alive — ambassador to Russia

TASS reports: Pakistan and Russia are working on the initiative of creating the Pakistan Stream gas pipeline, Pakistani Ambassador to Moscow Faisal Niaz Tirmizi said in an interview with TASS. "The North-South gas pipeline is a very important initiative, and we will definitely re

BRIC Team

May 12, 20260