Samajwadi Party leader Akhilesh Yadav said at the Hindustan Times Leadership Summit that his party could win the coming election in Uttar Pradesh, at a time when the shortage of cash after demonetisation was a major talking point.

What Akhilesh said

Asked about a possible tie-up with the Congress, Akhilesh said his party was able to fight the election on its own. He added that if the party did join hands with another party, the combination could win more than 300 seats. He gave a firm assurance that the Samajwadi Party would not ally with the BJP and said he was ready to take on the BJP in the polls. He also said the government should work for people’s welfare.

The demonetisation backdrop

The comments came after the government withdrew Rs 500 and Rs 1,000 notes. The Reserve Bank of India has issued new notes of Rs 2,000 and Rs 500, but cash shortages have made it hard for many people to withdraw money for daily needs, and trade has suffered as less cash circulates. Supporters of the move see it as a step against corruption and black money and towards wider use of digital payments, while the shortage of currency has become an election issue.

What happened next

Demonetisation had been announced on 8 November 2016. In the 2017 Uttar Pradesh assembly election, the BJP won 312 seats and the Samajwadi Party 47, and Yogi Adityanath became chief minister.

See also: Samajwadi Party and election news

Originally published on 3 December 2016. Rewritten on 9 October 2026.

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