Commerce and Industry Minister Piyush Goyal delivered a robust response to Congress leader Rahul Gandhi's accusation of a 'major stock market scam' on Thursday. Goyal asserted that Gandhi's assertions were a deliberate attempt to mislead investors, driven by his party's inability to accept the outcome of the 2024 elections and their apprehension regarding the formation of a record-breaking third term for Prime Minister Narendra Modi's government.
Speaking at a press conference shortly after Gandhi's remarks, Goyal criticized the Congress leader's unfounded claims, suggesting that Gandhi was still grappling with the disappointment of his party's defeat in the Lok Sabha elections. "Rahul Gandhi appears to be concerned about the prospect of the Modi government securing a third consecutive term in power. Consequently, he is resorting to confusing both domestic and foreign investors with his statements," Goyal remarked.
Gandhi, accompanied by other Congress leaders, had earlier called for a Joint Parliamentary committee (JPC) investigation into the recent turbulence in the markets, labeling it as the 'biggest stock market scam'.
Emphasizing India's economic achievements, Goyal highlighted that the country had ascended to become the world's fifth-largest economy and was poised to attain the third position during Modi's third term in office. "In last 10 years, our market cap crossed $5 trillion for the first time. Ten years ago, during the Congress-led UPA regime, the country's market cap stood at only 67 lakh crore. Modi government took it to Rs 415 lakh crore in the 2014-2024 period," Piyush Goyal said.
He also underscored the substantial benefits reaped by retail investors owing to the surge in market capitalization, insinuating that the Opposition's baseless allegations were a consequence of their discomfort at witnessing these advancements.
Furthermore, the Union Minister called into question the Congress party's commitment to its electoral promises, particularly highlighting the grievances of numerous women who had congregated outside its offices seeking the financial assistance pledged during the campaign.
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