The Bharatiya Janata Party (BJP) responded strongly on Thursday to Congress leader Rahul Gandhi’s allegations of a ‘stock market scam’. BJP leader Piyush Goyal criticized Gandhi, stating that he had not come to terms with the loss in the Lok Sabha elections and was now attempting to mislead market investors. Goyal emphasized that India had become the fifth-largest economy under the Modi government.
Goyal highlighted the growth in India’s market capitalization, which has surpassed $5 trillion for the first time in a decade under Modi’s administration. He noted that India’s equity market now ranks among the top five globally, with the market cap of public sector undertakings (PSUs) increasing fourfold during this period.
Rahul Gandhi had accused Prime Minister Narendra Modi and Union Home Minister Amit Shah of being directly involved in a stock market scam. He questioned why they were giving specific investment advice to the five crore families investing in the stock market, and why these interviews were given to the same media group currently under SEBI investigation for market manipulation.
Also read: Rahul Gandhi Alleges ‘Biggest Stock Market Scam,’ Demands JPC Probe
Goyal countered Gandhi’s claims by comparing the market capitalization during the UPA government’s tenure ten years ago, which was ₹67 lakh crore, to the current market cap of ₹415 lakh crore.
Prime Minister Modi had previously stated with confidence that on June 4, as the BJP hit record numbers, the stock market would also reach new highs. Similarly, Union Home Minister Shah had remarked that market fluctuations should not be directly linked to elections and suggested that investors buy before June 4, predicting a market surge.
