Rahul Gandhi’s Allegations On Prime Minister Modi’s Role in Stock Market Decline Spark Controversy

Paromita Das

GG News Bureau

New Delhi, 14th June. In a dramatic turn of events, Indian politics has been rocked by allegations from opposition leader Rahul Gandhi, who claims that Prime Minister Narendra Modi and his administration are behind the recent decline in the stock market. Rahul Gandhi, the leader of the Indian National Congress party, has accused the Prime Minister, along with the Home Minister, exit pollsters allegedly working in their favor, and a complicit media, of orchestrating what he calls the country’s largest “stock market scam.”

The accusations come at a time when India’s financial markets have been experiencing significant turbulence, with stock prices plummeting and investor confidence wavering. While economic experts have pointed to various factors contributing to the market downturn, including global economic uncertainties and domestic policy decisions, Rahul Gandhi’s claims have added a new layer of controversy to the situation.

According to Gandhi, the alleged collusion between the Prime Minister’s office, the Home Ministry, exit pollsters, and certain media outlets was aimed at manipulating the “stock marketscam” for political gain. Five crore small investor families have lost Rs 30 lakh crore. As a result, a JPC should be established, and the ‘Criminal Act’ should be probed. This scam also involves bogus electoral companies that provided incorrect exit poll results. A Joint Parliamentary Committee (JPC) should be formed to investigate this. He asserts that the government used its influence to disseminate misleading information and create a sense of panic among investors, thereby driving down stock prices and destabilizing the economy.

 

Rahul’s comment has three basic meanings. One- Modi and Shah have committed a major swindle. Two- This includes the media as well. Three- The agencies that perform exit polls are also responsible for this deception. The most important part is that Rahul refers to the entire situation as a ‘stock market scam’ and a ‘criminal conduct’. In such a case, one must question Rahul Gandhi if investors were buying shares of firms after learning about media organizations and journalists. The exit poll agencies that Rahul accuses of being liars, the truth is that, while there were more or less, the most of them predicted that the Modi government would be formed for the third time.

 

At present, the stock market has not only crossed the figure of 75 thousand again, but is also showing a big profit. As soon as the markets opened on the second day of the swearing-in of the Modi government, the entire world seemed to be showing its trust in the new government of India through the stock market. On Monday, the response to Modi 3.0 in the stock market was such that the Bombay Stock Exchange Sensex crossed the 77,000 level for the first time with a strong rise of 323.64 points.  At the same time, the Nifty index of the National Stock Exchange also created a stir in the market, it jumped from 105 points to several points further.

The accusations have sparked a heated debate across the political spectrum, with supporters of the ruling Bharatiya Janata Party (BJP) dismissing Gandhi’s claims as baseless and politically motivated. Government officials have vehemently denied any involvement in manipulating the stock market, labeling the allegations as a desperate attempt by the opposition to tarnish the Prime Minister’s reputation.

However, critics argue that there may be merit to Gandhi’s allegations, citing instances of government interference in economic matters and a lack of transparency in policy making. They point to the close relationship between certain business interests and the ruling party, suggesting that vested interests could indeed be at play in the stock market’s decline.

Meanwhile, investors and market analysts are closely monitoring the situation, wary of the potential implications of political turmoil on their portfolios. The uncertainty surrounding the allegations has further eroded confidence in the Indian stock market, with many adopting a wait-and-see approach until more clarity emerges.

As investigations into the matter continue, the controversy surrounding Prime Minister Modi’s alleged involvement in the stock market decline shows no signs of abating. The outcome of these investigations could have far-reaching consequences for India’s political landscape and its economic future. Until then, the country remains gripped by uncertainty as it grapples with the fallout from these explosive allegations.

Even today BSE seems to be trading above 76 thousand and Nifty is seen trading above 23 thousand. Since the formation of the Modi government, investors have made profits worth several lakh crores. Rahul Gandhi was demanding the decline and formation of JPC (Joint Parliamentary Committee) and accusing the Prime Minister, Home Minister, exit pollsters, and the media of conspiring together in the country’s biggest ‘stock market scam’ of Rs. 5 crores. Small investor families were talking about having lost several crores of rupees – now these investors have earned many times more profit than their lost amount. In such a situation, does Rahul Gandhi have the capacity to praise Prime Minister Narendra Modi and the entire NDA for his economic policies on this latest update? Will he apologize to the country for the web of lies he has spread?

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