BJP Responds To Rahul Gandhi's Stock Market Allegations; Highlights Economic Growth Under Modi

The 'stock market scam' charge made by Congress leader Rahul Gandhi was responded to by the Bharatiya Janata Party on Thursday. At a press briefing, BJP leader Piyush Goyal stated that Rahul Gandhi's actions were indicative of his inability to accept the Lok Sabha Election loss and his intention to deceive market investors.

Goyal further highlighted the economic progress of India under the Modi government, emphasizing the significant increase in market capitalization, which has surpassed 5 trillion dollars in the last 10 years. Additionally, Goyal pointed out that the market capitalization of Public Sector Undertakings (PSUs) listed in the market has quadrupled during the Modi government's tenure.

Photo Credit: PTI

This reaction from the BJP followed Rahul Gandhi's accusation of a stock market scam, wherein he implicated Prime Minister Narendra Modi and Union Home Minister Amit Shah. Gandhi questioned the involvement of the PM and Union Home Minister in providing investment advice to millions of families investing in the stock market, alleging their connection to media outlets under investigation by the Securities and Exchange Board of India (SEBI) for manipulating stocks, as reported by Hindustan Times.

Furthermore, Goyal compared the market capitalization during the UPA government's tenure, which stood at ₹67 lakh crore, to the current market capitalization of ₹415 lakh crore. Prime Minister Modi's statement regarding the BJP's anticipated record-breaking performance on June 4 was cited, along with Union Home Minister Shah's advice to invest before the same date to capitalize on the anticipated market surge, as per media reports.

Rahul Gandhi Demands JPC Investigation into BJP's Alleged Stock Market Interference

1. Grave accusations against Prime Minister Narendra Modi were levelled by Congress leader Rahul Gandhi on Thursday, who called for a Joint Parliamentary Committee (JPC) investigation into the stock market crash on June 4.

2. Remarks on the stock market were made a few days before the election results were declared by prominent members of the Bharatiya Janata Party (BJP), such as Union Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Prime Minister Narendra Modi, as questioned by the former Congress president.

3. The stock market was mentioned by PM Modi, Union Home Minister Amit Shah, and Finance Minister Nirmala Sitharaman during the elections, according to Rahul Gandhi, who highlighted their statements urging investors to invest before June 4.

4. A staggering loss of Rs 31 lakh crore was incurred by equities investors, leading to a market meltdown and a plunge of about 6% in the BSE Sensex, a few days after the Lok Sabha election results indicated that the BJP would not secure an outright majority.

5. The "chronology of events" was explained by Rahul Gandhi, who mentioned that the BJP's internal official survey predicted 220 seats for them, while intelligence agencies forecasted 200-220 seats for the government.

6. Specific investment advice given to five crore families investing in the stock market by the PM and Union Home Minister was questioned by Rahul Gandhi, who emphasized that it was not their job to provide such advice.

7. Rahul Gandhi raised concerns about the Prime Minister and Amit Shah's interviews with a TV channel owned by the same business entity under SEBI investigation for stock manipulation, demanding a JPC investigation into the matter.