Stock market crash indication of great depression for economy: Akhilesh

Lucknow,(thestates.news)| Samajwadi Party (SP) president Akhilesh Yadav on Tuesday said that the fall of about Rs 19 lakh crore in the stock market in a single day is an indication of a great depression for the Indian economy. In a statement issued here, Akhilesh said that the Bharatiya Janata Party (BJP) government has emptied the pockets of the countrymen not only by inflation and corruption but also by the great fall of the stock market.

He said, “The public should not forget that these are the same people who, while holding constitutional posts, had lured the common people in an illegal way to invest money in shares. The heartless middlemen who earn money from every purchase and sale of shares do not have even an iota of sympathy for the investors.”

The SP chief said, “We had warned earlier also and are doing it again today that the common investors, especially the middle class and the youth, should not fall prey to superficial greed, should have patience and also take care of their hard-earned money.”

He said that if the money of the common people is lost in the stock market, then the market also sinks and the economy also sinks. “Today, when the youth are investing their savings in the share market, they are also falling prey to this uncertainty of the market. This is a very dangerous situation for the future of the country’s capital market. When the youth suffer losses from the share market, they will also shy away from shares and other investments, which will not be a positive signal for the future of the share market,” he said.

Akhilesh said that, on the other hand, there are people who have neither money nor employment after the demonetisation and recession. “Such unemployed and helpless people, who are facing hunger and unemployment, earn their bread and butter only with the help of market activities and dynamism. That is why the fall of the share market has a very bad long-term effect on their livelihood,” he said.

He said, “The bitter truth is that if we leave aside one per cent of super-rich people, then the rest of the 99 per cent common people in the country are being destroyed directly or indirectly by the destruction of the share market.” The SP chief said that the BJP government is not only directly responsible for this double vicious circle of the economy but is also guilty. (UNI)