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'Rahul Gandhi misleading investors, can't handle loss': Piyush Goyal on Congress' 'stock market scam' charge

Stock markets scam charge: Piyush Goyal said that in the last 10 years of Modi Government, for the first time our market cap has crossed over 5 trillion dollars.

Edited By: Sheenu Sharma @20sheenu New Delhi Updated on: June 06, 2024 21:09 IST
rahul gandhi on stock markets scam charge, piyush goyal on stock markets scam charge, june 4 lok sab
Image Source : BJP (X) Union Minister of Commerce and Industry Piyush Goyal.

Stock markets scam charge: The Bharatiya Janata Party (BJP) termed Congress leader Rahul Gandhi’s allegation as baseless saying that Prime Minister Narendra Modi and Union Home Minister Amit Shah were directly involved in a biggest stock market scam and accused him of hatching a conspiracy to mislead the investors.

Minister of Commerce and Industry Piyush Goyal today (June 6) hit back on Congress party's biggest stock market scam charge and said that Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections 2024. "Rahul Gandhi is conspiring to mislead the market investors. Today, India has become the fifth-largest economy", he said on Thursday. 

While addressing a press conference in the national capital, the Bharatiya Janata Party (BJP) leader Piyush Goyal said, "Rahul Gandhi has still not overcome the loss in the Lok Sabha Elections. In the last 10 years of Modi Government, 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 five economies of the world. We know that the market cap of PSUs listed in the market has increased four times under the Modi Government."

Piyush Goyal said, "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."

Mutual fund industry size increased over 5 times in India

Goyal said, "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."

Stock market scam charge

Congress leader Rahul Gandhi alleged that Prime Minister Narendra Modi and Home Minister Amit Shah had given investment advice to people during the campaign for the Lok Sabha Elections 2024 which resulted in losses of lakhs of crores to retail investors and demanded a Joint Parliamentary Committee (JPC) probe terming it biggest stock market scam.

Addressing a press conference today, the Congress leader said that after fake exit polls, stock markets rose, and then crashed on June 4 (Tuesday).

"For the first time we noted that during the elections, the Prime Minister, the Union Home Minister and the Finance Minister commented on the stock market. The Prime Minister said that the stock market is rising at a great speed. the Union Home Minister said that on June 4 the stock market will be on the rise and you all should invest and similar was said by the Finance Minister. Amit Shah says buy shares before June 4, 19 May PM Modi says the stock market will break records on June 4. Why did the PM, Home Minister give investment advice to investors," Rahul Gandhi said.

He further asserted, "the retail investors lost Rs 30 lakh crore, this is the biggest stock market scam".

PM Modi, Amit Shah gave specific investment advice to investors- Rahul Gandhi 

"Why did PM Modi and Union Home Minister give specific investment advice to the five crore families investing in the stock market? Is it their job to give investment advice? Why were both interviews given to the same media owned by the same business group which is also under SEBI investigation for manipulating stock? What is the connection between the BJP, the fake exit pollsters and the dubious foreign investors who invested one day before the exit polls were announced and made a huge profit at the cost of five crore salaries? We demand a JPC into this. We are convinced that this is a scam. Somebody has made thousands of crores of Rupees at the cost of Indian retail investors and the Prime Minister and the Union Home Minister have given an indication to buy. So we demand today a joint parliamentary committee to investigate this," he said.

Rahul Gandhi also demanded an inquiry against PM Modi, Home Minister Shah and those who carried out exit polls.

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