That may be needed, it may be justified, but we still need to ask what the replacement system is. It is easy to criticize, but harder to offer a better alternative. It is easy to destroy; hard to build. The populist's answer to what comes next often boils down to "trust me, bro" - there isn't a concrete, workable plan. As a result, the net result often winds up worse than what came before, not just for the elite, but even for the people the populist claimed to represent. This is true even if the populist was honest, that is, sincerely had the interest of the common people at heart.

Liberals are often about taking down (liberating) the current system. But for some reason they often don't want or don't get the populist labels. For example, I don't think anyone ever called BLM a populist movement.

Generally the first part is the defining feature of a populist movement: a leader or faction that seeks to insist that the only solution to elites or other hated minorities or purported threats is to assume that anyone trying to stop them accumulating more power is an agent of the elites. Naturally this rhetorical style suits people that want to accumulate a lot of power and wealth and don't want to give too many straight answers to questions about what they're doing with it.

That's why Maduro, an oligarch who's been in power for over 12 years and decides exactly who is and isn't "elite" in his country is characterised as "populist" because his rhetorical style is all about claiming that he's on the side of the poor against [what's left of] the middle classes, whilst a civil war or coup which usually leads to elites being deposed may not involve populists at all.

Who is characterizing him as populist? His supporters in India or the global elite? (Honest question, I don't know much about India.)