BJP leader and outgoing Union Minister of Commerce and Industry, Piyush Goyal, dismissed Rahul Gandhi's allegations of the "biggest stock market scam" on Thursday, attributing them to Gandhi's inability to accept the opposition's loss in the Lok Sabha elections. Rahul Gandhi had earlier accused Prime Minister Narendra Modi and other ministers of making comments that artificially boosted the stock market before the election results, which subsequently crashed, causing significant losses for investors. He called for an investigation into the matter.
Responding to these allegations, Goyal stated that Rahul Gandhi was attempting to mislead market investors out of frustration over the election defeat. Goyal emphasized that India has become the world's fifth-largest economy under Modi's leadership and is recognized globally as the fastest-growing economy. He reassured that India is on track to become the third-largest economy in the current term.
Goyal explained that following the exit polls, foreign investors purchased stocks at high rates while Indian investors sold and booked profits, which contributed to the market fluctuations. He accused Rahul Gandhi of conspiring to mislead investors and pointed out the significant growth in India's market capitalization under the BJP government.
"In the last 10 years of the Modi government, our market cap has crossed over 5 trillion dollars for the first time. India's equity market is now among the top five economies in terms of market cap. The market cap of PSUs listed in the market has increased four times under the Modi government," Goyal said.
After the Lok Sabha election results on June 3 indicated a coalition government at the Centre, the stock market experienced its worst day in four years, falling by nearly 6 percent.
