Akhilesh Yadav Accuses BJP of Selling India's 'Gold Standard'; RBI Firmly Rejects Claims of Reserve Sales

Samajwadi Party president and former Uttar Pradesh Chief Minister Akhilesh Yadav has launched a sharp attack on the BJP-led central government, alleging it has compromised the nation's economic foundations by "selling the country's gold standard." The remarks, made via a post on X (formerly Twitter), have sparked fresh political debate amid reports questioning the status of India's gold reserves.

In his tweet on Wednesday, Yadav claimed: "BJP ने देश का स्वर्ण-मान बेच दिया है। अब देश की जनता को समझ में आया कि भाजपा सरकार सोना खरीदने से मना क्यों कर रही थी क्योंकि अगर सोना जनता के पास चला जाता तो ये बेचते कैसे।" He suggested that the government's recent appeal to citizens to avoid buying gold for a year was linked to this alleged depletion, framing it as evidence of deeper economic mismanagement and hollow claims of a $5 trillion economy. Yadav further alleged that widespread corruption under BJP rule had left the economy vulnerable, forcing the government into subservience to foreign powers.

The statement appears to reference a Bloomberg Economics analysis suggesting the Reserve Bank of India (RBI) may have sold significant quantities of gold reportedly around 83 tonnes worth about $12 billion - in May to stabilise the rupee amid global uncertainties, including tensions in West Asia affecting oil prices. Opposition voices, including Yadav, seized on the report to question the government's economic stewardship.

The central bank moved quickly to dispel the controversy. In an official statement, the RBI clarified that reports of gold sales are "not correct" and emphasised that India's physical gold holdings remain unchanged at 880.52 tonnes. The bank noted that gold's share in the country's foreign exchange reserves has actually increased to approximately 16.85 percent as of late May.

The Press Information Bureau (PIB) Fact Check unit also labeled the claims as misleading, underscoring that there has been no offloading of sovereign gold reserves. Indian officials have historically maintained a policy of not selling physical gold from reserves even during past crises, relying instead on other tools like foreign currency interventions to manage volatility.


Yadav's criticism forms part of a broader opposition narrative targeting the BJP's handling of inflation, currency stability, and public appeals for austerity - such as Prime Minister Narendra Modi's call to curb non-essential gold purchases and spending amid external economic pressures. The SP chief has repeatedly linked rising gold prices and related policies to alleged corruption and favouritism toward large players at the expense of small jewellers and ordinary citizens.

The government's response highlights the sensitivity around India's gold reserves, which serve as a key symbol of economic sovereignty and a buffer against global shocks. Economists note that while central banks worldwide adjust gold holdings, any perception of distress sales can erode public confidence, especially in a country with deep cultural affinity for the metal.