Samajwadi Party President and former Uttar Pradesh chief minister Akhilesh Yadav said that the loss of about Rs 19 lakh crore to the stock market in a day is a clear sign of recession for the Indian economy.

He alleged that the BJP government has not only promoted inflation and corruption in the country but also emptied the pockets of the countrymen which, he said, is reflecting in the stock market’s mayhem.

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“The public has not forgotten that these are the same people who had seduced the general public to invest in the stocks. Heartless middlemen, who have earned money from every stock purchased, do not even have sympathy for small investors,” he said in a statement here on Tuesday.

Mr. Yadav said, “We had warned (against the development) earlier too, but today, they are again doing the same with the common investors.”

He said if the money of the common people drowns in the stock market, then the market also sinks along with the economy.

“Today, when the youths are putting their savings in the stock market, they are bound to suffer on account of the uncertainty prevailing in the market. This is a very dangerous situation for the future of the country’s capital market. When the youths suffer losses in the stock market, they will shy away from shares and other investments, which will not be a positive signal for the future of the stock market,” he contended.

On the other hand, he said there are people who neither have money nor jobs after demonetisation and recession. Such unemployed people, who are on the verge of starvation, rely on market activities and its dynamics for their living. The fall of the stock market has a far-reaching impact on their living.

SP President has also slammed the Yogi Adityanath government over recent Supreme Court comment on the state police. “The apex court’s comment vindicates our charges that the state police was functioning in an arbitrary manner with fake cases and encounters,” he stressed.