'Trailer for Economic Disaster': Pawan Khera Slams Centre Over Gold Fund Restrictions
Congress leader Pawan Khera criticises the Modi government for restricting gold fund investments ahead of Diwali and Dhanteras.
Congress leader Pawan Khera has launched a scathing attack on the Narendra Modi-led government following reports of restrictions placed on fresh investments in specific gold and gold-silver mutual fund schemes. The controversy erupts at a critical time, as India prepares for Diwali and Dhanteras—festivals where purchasing gold is considered a deeply auspicious tradition.
The 'Achhe Din' Irony
Taking to X (formerly Twitter), Pawan Khera questioned the government's economic trajectory and mocked the BJP's long-standing promise of "Achchhe Din" (Good Days). He argued that instead of the promised prosperity and progress, the government is now actively limiting the ability of citizens to invest in gold during the biggest buying season of the year.
“Modi promised Achchhe Din — prosperity and progress. But just look at the prosperity he has delivered this Diwali and Dhanteras!” Khera wrote.
Three Pillars of Criticism
Khera's criticism is not based on a single event but on a series of developments that he believes signal a crackdown on gold ownership. He highlighted three specific points:
- Government Advice: Reports suggesting the Prime Minister advised Indians against the purchase of gold.
- Import Duties: An increase in gold import duties, which Khera claims is a deliberate move to discourage people from buying the precious metal.
- SEBI Restrictions: Recent directions from the Securities and Exchange Board of India (SEBI) regarding mutual fund investments.
The SEBI Directive and Its Impact
The Congress leader's remarks were triggered by discussions surrounding a directive from SEBI. It is reported that the regulator instructed asset management companies (AMCs) to temporarily stop fresh lump-sum investments, switch-ins, and new Systematic Investment Plan (SIP) registrations in certain Gold Funds of Funds, including gold-silver funds, effective from October 16.
Khera questioned the timing of these restrictions, noting that they coincide exactly with the festive period when demand for gold traditionally peaks across the country.
A 'Spectacularly Disastrous' Achievement
In a biting critique of the government's economic record, Khera described the current situation as a "spectacularly disastrous achievement." He sarcastically suggested that Prime Minister Modi deserves special recognition for managing the economy in such a way that the government feels the need to clamp down on gold purchases during a major festival.
Concluding his critique, Khera dismissed the notion of "Achhe Din," claiming that these restrictions are not signs of stability, but rather a "trailer for an impending economic disaster."