TOI News Desk
NEW DELHI: Hours after Rahul Gandhi alleged that Prime Minister Narendra Modi and home minister Amit Shah were “directly involved” in what he described as the “biggest stock market scam“, Union minister Piyush Goyal termed the allegation “baseless” and accused the Congress leader of “hatching a conspiracy to mislead investors while PM Modi working to make India third largest economy.”
The senior BJP leader told during a press conference in Delhi that while Gandhi is making such allegations out of frustration following the opposition’s defeat in the Lok sabha polls, Prime Minister Modi was working to make India the third largest economy.
“It seems like Rahul Gandhi has not overcome from the defeat of the opposition in the Lok Sabha elections. Now, he is trying to deceive market investors,” Goyal said.
“Today, India’s equity market has entered the market cap of the top 5 economies of the world,” he said, attributing this success to the policies and initiatives implemented by the Modi government.
Goyal also spoke about the growth of the mutual fund industry, noting that its size has expanded from Rs 10 lakh crore in 2014 to Rs 56 lakh crore currently. “Mutual fund industry’s size was Rs 10 lakh cr in 2014, it’s now Rs 56 lakh cr, highlights benefits for domestic investors.”
He further refuted Rahul Gandhi’s claims regarding the Rs 30 lakh crore valuation, saying that it is notional and not indicative of actual trading. “The Rs 30 lakh cr Rahul Gandhi is talking about refers to valuation, it’s notional and not about trading; he doesn’t understand.”
Comparing India’s economic performance under the UPA government to the present, Goyal highlighted a substantial increase in market capitalization from Rs 67 lakh crore to Rs 415 lakh crore.
“Stock market fell as investors feared when Congress gained in seats; it is rising now as Modi govt is set to return,” he said.
He also noted a decline in foreign investors’ holdings from 21% to 16%, indicating greater participation and ownership by Indian investors in the stock market. “Following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits.”
(With inputs from agencies)
The senior BJP leader told during a press conference in Delhi that while Gandhi is making such allegations out of frustration following the opposition’s defeat in the Lok sabha polls, Prime Minister Modi was working to make India the third largest economy.
“It seems like Rahul Gandhi has not overcome from the defeat of the opposition in the Lok Sabha elections. Now, he is trying to deceive market investors,” Goyal said.
“Today, India’s equity market has entered the market cap of the top 5 economies of the world,” he said, attributing this success to the policies and initiatives implemented by the Modi government.
Goyal also spoke about the growth of the mutual fund industry, noting that its size has expanded from Rs 10 lakh crore in 2014 to Rs 56 lakh crore currently. “Mutual fund industry’s size was Rs 10 lakh cr in 2014, it’s now Rs 56 lakh cr, highlights benefits for domestic investors.”
He further refuted Rahul Gandhi’s claims regarding the Rs 30 lakh crore valuation, saying that it is notional and not indicative of actual trading. “The Rs 30 lakh cr Rahul Gandhi is talking about refers to valuation, it’s notional and not about trading; he doesn’t understand.”
Comparing India’s economic performance under the UPA government to the present, Goyal highlighted a substantial increase in market capitalization from Rs 67 lakh crore to Rs 415 lakh crore.
“Stock market fell as investors feared when Congress gained in seats; it is rising now as Modi govt is set to return,” he said.
He also noted a decline in foreign investors’ holdings from 21% to 16%, indicating greater participation and ownership by Indian investors in the stock market. “Following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits.”
(With inputs from agencies)