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BJP hits back at Rahul Gandhi's 'markets scam' allegation, claims he can't handle election defeats

Rahul Gandhi's claims of the "biggest stock market scam" were rejected by BJP leader Piyush Goyal, who explained them away as a result of Gandhi's "inability to accept the loss" in the Lok Sabha election.

Written by  Annesha Barua -- June 07th 2024 08:57 AM
BJP hits back at Rahul Gandhi's 'markets scam' allegation, claims he can't handle election defeats

BJP hits back at Rahul Gandhi's 'markets scam' allegation, claims he can't handle election defeats

PTC News Desk: Piyush Goyal, the outgoing Union Minister of Commerce and Industry and leader of the Bharatiya Janata Party (BJP), responded to Rahul Gandhi's claims of a "biggest stock market scam" on Thursday. Goyal claimed that Gandhi is making these claims because he cannot accept INDIA's defeat in the Lok Sabha election.

Rahul Gandhi claimed earlier today that remarks made by Prime Minister Narendra Modi and other ministers caused the stock market to soar before the vote count, and that the stock market fell following the election outcome, resulting in enormous losses for investors. Declaring it to be the "biggest stock market scam," Gandhi demanded a probe.

In response, Goyal stated, "It appears that Rahul Gandhi has not been able to overcome the opposition's defeat in the Lok Sabha Elections. He's now attempting to trick investors in the market. India's economy is currently the fifth largest in the world. Its economy is the fastest-growing in the world, and everyone knows it. India will rise to become the third-largest economy in this term, as PM Modi has promised the people.

The minister pointed out that although Indian investors sold and booked profits, foreign investors purchased stocks at premium prices in the wake of exit polls.

Rahul Gandhi was charged by Goyal with "hatching a conspiracy to mislead investors".

"From Rs 67 lakh core during the UPA government, India's market cap surged to Rs 415 lakh cr; domestic and retail investors benefited most," he continued.

Goyad asserted that the BJP government was responsible for the stock market's strong rise, saying, "During the last ten years of the Modi administration, our market capitalization has surpassed $5 trillion for the first time." The market capitalization of the top 5 economies in the world has now been surpassed by the equities market in India.We are aware that PSUs listed on the market now have a market capitalization that has quadrupled.

The stock market saw its worst day in the previous four years after the Lok Sabha election results on June 3, which predicted a coalition government at the Center. The market fell by around 6 percent.

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- With inputs from agencies

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