As the campaign hits its final phase, PM Modi says he is confident that the voter has placed its trust in his party. Stock market booms. But the Opposition challenges the ruling party’s narrative
Our Bureau
New Delhi/Mumbai/Patiala
The consistent bull run in Indian stock indices – Sensex and Nifty — continued through Thursday, and touched fresh highs yet again, reacting to Prime Minister Narendra Modi’s assertion that BJP-led alliance is on track to form the government for a record third term. The prime minister also predicted that the margin of victory would be even broader.
In an interview with the Economic Times, PM Modi said his party’s election outcome will result in a record running streak on the country’s stock exchange market. “I can say with confidence that on June 4, as the BJP hits record numbers, the stock market will also hit new record highs,” PM Modi said in the interview.
PM Modi told the business daily that the Sensex has rallied from 25,000 points to 75,000 in the past decade, noting that it highlighted that the investors have shown confidence in his government. “Recently, we reached a whopping USD 5 trillion market cap for the first time ever,” the PM said, referring to BSE’s m-cap feat that happened earlier this week.
Barring a little volatility, Indian stock indices have been firm over the past several sessions, supported by strong support from a majority of sectoral indices.
With the five phases of elections now behind us, it is widely expected by investors that the Narendra Modi-led government will come back to office with a comfortable margin for his third term. This also likely triggered fresh stock buying.
Modi also highlighted that the investors have shown confidence in his government. “The trust the stock market places in us is evident in its remarkable performance over the past decade. When we took office, the Sensex was around 25000 points. Today, it stands at around 75000 points, reflecting a historic rise. Recently, we reached a whopping USD 5 trillion market cap for the first time ever,” the PM said.
“Over the past 10 years, if you just take a look at the number of Demat accounts, you will understand how citizens have started to show confidence in the Indian economy. The number of mutual fund investors has increased from 1 crore in 2014 to 4.5 crore today. As a result, we have a broader base of domestic investment. Our investors are well aware of the pro-market reforms we have implemented. These reforms have created a robust and transparent financial system, making it easier for every Indian to participate in the stock markets,” PM Modi added.
As the campaign for the Lok Sabha polls hits its final phase, PM Modi is confident that the voter has placed its trust in his party. “In contrast, the atmosphere on the opposition side is very grim and hopeless. It shows that we are well on track to achieve a historic victory in the ongoing elections. People also realize this and hence they won’t waste their vote on Congress and its allies which have already lost the election,” the Prime Minister told Economic Times.
In the campaign, all the big leaders of BJP are busy projecting Modi as a great leader.
Union Defense Minister Rajnath Singh on Thursday said that earlier India’s words were not taken seriously at international forums, but today, when he speaks the whole world listens, adding that many world leaders refer Prime Minister Narendra Modi as “Boss” and respect him.
Singh noted that “just 25 years ago, India was not taken seriously on the international platform, but because of PM Modi Ji’s effective leadership, other countries now pay attention to India’s voice. Many global leaders regard Prime Minister Narendra Modi with respect, some even terming him as ‘Boss’ or ‘Great’.”
Singh stated that in 2004 Manmohan Singh became Prime Minister, however in 2014 even after ruling for 10 years, India was ranked 11th globally, but under the leadership of Narendra Modi, within 8 years, India has climbed to the fifth biggest economy in the world.
“India’s growing stature has also deterred intimidation from other countries, as India now knows how to assert itself. Congress did not even develop infrastructure on the country’s borders, because the then Defense Minister said that China would get angry if roads were built in the border areas,” he claimed.
Also, Bharatiya Janata Party leader Tejasvi Surya on Thursday hailed Prime Minister Narendra Modi saying that he would become the PM for the third time and 100 per cent voting has been done in favor of the BJP in Uttar Pradesh in all the phases of the Lok Sabha election held so far.
“In all the phases of elections held in Uttar Pradesh so far, 100 per cent voting has been in favor of BJP. In the remaining two phases, a huge result will come out in favor of BJP…We are achieving the target of ‘400 paar’ after every phase and PM Modi will become the Prime Minister of the country for the third time,” said Tejasvi Surya while speaking to the reporters in Uttar Pradesh’s Ayodhya.
Hailing PM Modi further he said, “Under his leadership unprecedented employment has been created in the country.”
Crediting BJP over Ayodhya Ram Temple he said, “Ever since the grand temple of Lord Ram has been completed, every day VVIP people from all over the country and the world have started coming to the city of Ayodhya. Everyone considers it their good fortune to bow before Lord Ram.”
“Be it the President, the Prime Minister, the Chief Minister, the Minister and the Governor, everyone is reaching the Ram Temple to worship Ram Lalla. In the same sequence, today the National President of the Yuva Morcha of the Bharatiya Janata Party will reach Ayodhya to have the darshan of Lord Ram and pay obeisance at Hanumangarhi,” he added.
But the Opposition is not taking all big claims lying down. They are also challenging the government narrative.
Congress leader Rahul Gandhi on Thursday took a swipe at Prime Minister Narendra Modi’s remarks in a recent TV interview and said the man “sent by God” could not save people who died during COVID-19 in front of hospitals or when bodies were floating in Ganga.
Addressing a rally in Delhi’s Dilshad Garden ahead of the sixth phase of Lok Sabha polls, Rahul Gandhi accused Prime Minister Narendra Modi of working for a few. “The Prime Minister says ‘I am not biological. I have sent from above by God for a mission’. If someone tells you this on the road, you will excuse yourself and tell the person to allow you to do your task,” Gandhi said.
Rahul Gandhi also took potshots at PM Modi over some of his earlier remarks. “God, what kind of person you have sent,” he said.
“During COVID, there were bodies floating in Ganga. In Delhi, people were dying outside hospitals. The one who has been sent by God said brothers and sisters, switch on light of your mobile phones…” Gandhi said.
PM Modi had said in an interview to a news channel that till his mother was alive, he felt that perhaps his birth was biological and after her demise when he connects various experiences, he is convinced that God has sent him.
Congress leader Rahul Gandhi on Wednesday accused the Prime Minister Narendra Modi-led government in the Centre of turning India’s soldiers into labourers and promised to scrap the Agniveer scheme after coming to power on June 4.
Addressing a public rally in Haryana’s Mahendragarh, the Congress leader said that India’s borders are secured by the youth of Haryana and other states. “You have patriotism in your heart, blood, and DNA. Narendra Modi ji, for the first time, has turned India’s soldiers into labourers. He (PM Modi) says that there will be two kinds of soldiers who sacrificed their lives for the country. One, a normal jawan or officer whose family will get a pension, status, and all other facilities. The other, a poor family’s son who is named Agniveer; this Agniveer will neither get the status of ‘shaheed’ nor will he get any pension or any other facility,” Rahul Gandhi said.
He further said that after June 4, the INDIA bloc would tear this Agniveer scheme into pieces and dump it in the dustbin. “The Army does not want this scheme… this scheme is imposed by the PMO. The INDIA bloc government will come to power and the first thing we shall do is throw this Agniveer scheme in the dustbin,” the Congress MP said. It will be clear only on June 4 which claims are true.
