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Akhilesh Yadav slams Centre after stock market slump, says common people losing money

In a post on X in Hindi, Yadav held the central government accountable for what he described as a “double vicious circle” threatening India’s financial stability.

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Samajwadi Party chief and former Uttar Pradesh Chief Minister Akhilesh Yadav on Saturday raised serious concerns about the sharp decline in India’s stock markets, warning that the loss of common people’s savings could drag the entire economy into a downturn.

In a post on X in Hindi, Yadav held the central government accountable for what he described as a “double vicious circle” threatening India’s financial stability.

The market crash followed US President Donald Trump’s announcement of sweeping reciprocal tariffs, including a 27 percent tariff on India, aimed at reducing the US trade deficit and boosting domestic manufacturing.

On Friday, Indian markets witnessed a massive sell-off, with investor wealth eroding by Rs 10 lakh crore. The BSE Sensex, a key stock market index, plummeted 930.67 points, or 1.22 percent, closing at 75,364.69, its lowest in months. The market capitalization of BSE-listed firms shrank by Rs 9,98,379.46 crore, bringing it down to Rs 4,03,34,886.46 crore (approximately USD 4.73 trillion).

Yadav emphasized the gravity of the situation, stating, “It is very important to pay attention to the loss of millions of crores in the country’s stock market because the savings and capital of common people—who have a little extra money to invest in goods, services, vehicles, or land—are being wiped out. These transactions keep the wheels of buying and selling turning in the market and sustain the economy. If the money of common people is lost in the stock market, both the market and the economy will sink.”

He highlighted the impact on young investors, who are increasingly putting their savings into stocks. “Today, when the youth are investing their savings in the stock market, they are also becoming victims of this market uncertainty. This is a very dangerous situation for the future of the country’s capital market,” Yadav warned. He added that such losses could discourage young people from future investments, sending a negative signal to the stock market’s long-term prospects.

Yadav also pointed to the broader economic fallout, noting the plight of those already struggling due to unemployment and recession since demonetisation. “There are people who have neither money nor jobs. They depend on market activity and dynamism to survive, facing hunger and unemployment. The fall of the stock market has a very bad long-term effect on their livelihood,” he said.

The SP chief painted a stark picture of inequality, asserting, “The bitter truth is that, leaving aside the 1 percent super-rich, the remaining 99 percent of common people in the country are being directly or indirectly ruined by the destruction of the stock market.” He accused the BJP-led central government of being “not only directly responsible for this double vicious circle of the economy but also guilty.” In a sharp political jab, he claimed, “Investors today say, we don’t want BJP!”

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Rahul Gandhi to visit Indore over contaminated water deaths, draws mixed political reactions

Rahul Gandhi is set to visit Indore to meet families affected by contaminated water deaths as BJP and Congress leaders exchange sharp yet contrasting responses.

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Rahul-Gandhi

Leader of the opposition in the Lok Sabha Rahul Gandhi is scheduled to visit Indore on Saturday amid mounting political and public concern over deaths linked to contaminated drinking water in the city. His visit has triggered varied responses from political leaders, reflecting the tense atmosphere surrounding the issue.

According to the proposed itinerary, Rahul Gandhi will begin his visit at Bombay Hospital, where several people affected by contaminated water are currently undergoing treatment. He is expected to meet patients and their families before proceeding to Bhagirathpura, the area identified as the epicentre of the crisis. There, he will interact with families who lost relatives after consuming contaminated water.

BJP veteran welcomes visit, stresses democratic role of opposition

Former Lok Sabha Speaker and senior BJP leader Sumitra Mahajan welcomed Rahul Gandhi’s visit, adopting a conciliatory tone and underlining the importance of opposition voices in a democracy.

“This is how democracy works,” Mahajan said, adding that the opposition has a responsibility to raise issues affecting the public. She recalled that when her party was in the opposition, it fought strongly to earn people’s trust by standing with them during difficult times.

Chief minister warns against ‘politics over tragedy’

In contrast, Madhya Pradesh Chief Minister Mohan Yadav issued a sharp warning without naming Rahul Gandhi directly, cautioning against what he described as politicisation of a tragedy.

“We have faced this difficult phase with sensitivity,” the chief minister said. He added that Indore would not tolerate politics being played over deaths and stressed that protests must remain constructive, warning of serious consequences if the issue is used for political gain.

Closed-door meeting fuels political discussion

Adding to the political churn, Madhya Pradesh Congress president Jitu Patwari met Sumitra Mahajan at her residence in a closed-door meeting. The discussion focused on the Bhagirathpura water contamination incident and possible long-term solutions, fuelling speculation across political circles.

Speaking to the media later, Patwari said the tragedy should not be turned into a political contest. “This is not just a political issue, it is a serious public health issue,” he said, noting that several parts of Madhya Pradesh are facing problems related to contaminated drinking water.

Patwari stressed that ensuring access to clean and potable water should take precedence over political rhetoric. He said the government must focus on protecting Indore’s reputation and safeguarding the future by strengthening the city’s water supply system.

Responding to queries, Sumitra Mahajan said Patwari had been meeting her for a long time and spoke positively about his efforts. She confirmed that the discussion centred on the Bhagirathpura incident and said she offered suggestions, calling for collective efforts to resolve the crisis.

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Suvendu Adhikari files Rs 100-crore defamation suit against Mamata Banerjee

Suvendu Adhikari has moved an Alipore court seeking Rs 100 crore in damages from Mamata Banerjee, alleging defamation over coal scam claims.

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Suvendu-Adhikari

West Bengal opposition leader and BJP MLA Suvendu Adhikari on Friday filed a defamation suit against Chief Minister Mamata Banerjee, seeking Rs 100 crore in damages for allegedly linking him to a coal scam.

In a post on social media, Adhikari said the suit was filed before the court of the civil judge (senior division) at Alipore after Banerjee did not respond to a legal notice sent to her earlier.

Adhikari accused the chief minister of making what he described as “imaginary allegations” and said her silence on the defamation notice had compelled him to move court.

“I honour my commitments while you obfuscate issues and people. Your deceptive silence to the defamation notice pertaining to your vile imaginary allegations of my involvement in some alleged coal scam will not help you salvage the situation,” Adhikari wrote on X.

He added that he had kept his word of initiating legal action and shared a photograph related to the registration of the civil suit.

Adhikari also stated that if damages are awarded in his favour, the amount would be donated to charity.

Legal notice and allegations

According to Adhikari, the legal notice sent through his advocate referred to statements made by Banerjee on January 8 and 9, during which she allegedly linked him and Union Home Minister Amit Shah to an alleged coal scam while claiming to possess evidence.

In the notice, Adhikari had asked Banerjee to substantiate the allegations within 72 hours, failing which he would proceed with a defamation suit.

Adhikari, who was earlier a minister in the Trinamool Congress government, joined the BJP ahead of the 2021 West Bengal Assembly elections and is currently the leader of the opposition in the state assembly.

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Ajit Pawar concedes civic poll setback, says public mandate is supreme

Ajit Pawar has accepted defeat in Maharashtra’s civic polls, acknowledging the public mandate and pledging stronger efforts to rebuild trust ahead of future elections.

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Ajit Pawar

Deputy Chief Minister and Nationalist Congress Party (NCP) chief Ajit Pawar on Friday accepted the verdict of the recently concluded municipal corporation elections in Maharashtra, stating that the public’s mandate must be respected above all else.

Following near-clear results in the 29 municipal corporations across the state, Pawar took to social media to formally acknowledge the party’s poor performance in several major urban centres. He said the outcome reflected the will of the people and congratulated all winning candidates.

“The public’s mandate is supreme, and we accept it with complete respect. I heartily congratulate all the winning candidates and wish them success in their upcoming terms,” Pawar said.

Ajit Pawar promises renewed effort after losses

Addressing the party’s inability to achieve the expected results, the NCP leader said his faction would introspect and work harder to regain the confidence of voters.

“In this local body election, where we did not achieve the expected success, I assure you that we will work with more responsibility, honesty and double the vigour to regain the public’s trust,” he said.

He also urged newly elected representatives to focus on public issues and speed up development work. At the same time, Pawar encouraged party workers and candidates who lost the elections to remain committed to public service, underlining that serving citizens should remain the central objective.

Setback in traditional strongholds

The civic poll results have been viewed as a significant setback for Ajit Pawar, particularly in western Maharashtra. Despite choosing to contest independently in several areas—separate from Mahayuti partners BJP and the Eknath Shinde-led Shiv Sena—to demonstrate the strength of his faction, the NCP suffered major losses in Pune and Pimpri-Chinchwad.

Both municipal corporations, long regarded as strongholds of the Pawar family, witnessed a decisive lead and victory for the BJP, leaving Ajit Pawar’s faction trailing in third or fourth position.

In Mumbai and Chhatrapati Sambhajinagar, the party struggled to make an impact, failing to secure even double-digit seats in the Brihanmumbai Municipal Corporation.

Political observers believe the strategy of “friendly contests” against the BJP did not yield the desired outcome. The results indicate that the traditional Pawar support base may have split between Ajit Pawar and his uncle Sharad Pawar’s faction, indirectly benefiting the BJP.

The outcome of the 2026 civic polls is being seen as an important signal ahead of the 2029 Maharashtra Assembly elections, pointing to shifting political equations within the ruling alliance.

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