In a quick response to Rahul Gandhi’s attack on Prime Minister Narendra Modi and Home Minister Amit Shah accusing them behind the June 4 market crash, BJP leader Piyush Goyal said he is trying to create fear among investors.
He said that the claims made by the Congress MP are absolutely baseless, and Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections.
“Now, he is conspiring to mislead the market investors. Today, India has become the fifth-largest economy…” he said.
BJP leader said that it is the grand old party’s conspiracy to malign BJP and that market has boomed under the Modi government.
“Following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits,” he added.
“In the last 10 years of Modi Govt, for the first time our market cap has crossed over 5 trillion dollars. Today, India’s equity market has entered the market cap of the top 5 economies of the world,” he said.
“We know that the market cap of PSUs listed in the market has increased 4 times under the Modi Govt,” he added.
“When the UPA government was in power 10 years ago, India’s market cap at that time was Rs 67 lakh crore…Today the market cap has increased to Rs 415 lakh crore,” he highlighted.
Foreigners’ investment reduced, Indian investors’ ownership increased
He highlighted that the holding of foreigners at the time of UPA was 21% and it has reduced to 16% today, that is, the investment of foreigners has reduced and the ownership of Indian investors in the Indian stock market has increased from 79% to 84% today.
“The size of the mutual fund industry was only Rs 10 lakh crore in 2014, today it has increased more than 5 times to Rs 56 lakh crore. Through mutual funds, Indian investors especially small investors are taking advantage of this growing market today and these small retail investors have ensured that India’s ownership today has instantly become more than the ownership of institutional investors,” he added.
Earlier in the evening, sharpening his attack on Prime Minister Narendra Modi and Home Minister Amit Shah, Congress leader Rahul Gandhi said the duo’s statement over stock market in pre-poll campaigns resulted in losses of lakhs of crores to retail investors.
He further demanded a Joint Parliamentary Committee (JPC) probe terming it “biggest stock market scam.”
Also Read: RaGa wants JPC probe for June 4 stock market crash, questions Modi, Shah
