Gold Loan Default Crisis: India's Forgotten Women

The Congress accuses the Indian government of mismanagement leading to a significant rise in gold loan defaults. This situation is resulting in the loss of gold jewelry, such as mangalsutras, by women across the country. The party blames cronyism and erratic policies for this alarming trend.

The Congress has launched a scathing critique of the Indian government, blaming it for a troubling increase in gold loan defaults. According to the party, this phenomenon has caused many women to lose invaluable jewelry, including traditional mangalsutras.

Jairam Ramesh, Congress general secretary, highlighted the government's inept policies and cronyism as primary factors behind this financial strain. He noted a 30 percent increase in gold loan NPAs within just three months, signaling a grave economic concern.

Citing reports of over Rs 3 lakh crore in outstanding gold loans, Ramesh warned that the economic slowdown is exacerbating the crisis, further plunging families into financial ruin as they lose more assets to lenders.

(With inputs from agencies.)