Modi govt's Sovereign Gold Bond Scheme proven to be 'complete fiasco': Congress

The Congress on Monday claimed that the Sovereign Gold Bond Scheme launched with great fanfare by the Narendra Modi government has proven to be a "complete fiasco", much like demonetisation and the 'Make in India' initiative. Congress general secretary in-charge communications Jairam Ramesh shared on X a media report which claimed that the government, having found that its bet on sovereign gold bonds (SGBs) had led to a staggering 930 per cent increase in its liabilities on this borrowing by 2023-24, has been scrambling to contain this burden by reducing import duties on gold and stopping the fresh issuance of such bonds.

"The Sovereign Gold Bond scheme launched with great fanfare by the Modi Government has proved to be a complete fiasco - much like demonetisation and Make in India," Ramesh said in a post on X.

The Sovereign Gold Bond Scheme was launched by the government in November 2015 under the Gold Monetisation Scheme.


The Congress has been attacking the government over its handling of the economy, claiming the issues of rising prices, decreasing private investment, and stagnating wages are hitting the common people hard.

Flagging issues of low consumption expenditure and inequality, the Congress on Friday said the way out of this quagmire is to shift the focus of policymaking from cronyism to bottom-up empowerment and that it must begin with kickstarting rural incomes.