Senior BJP leader Ravi Shankar Prasad denounced the latest report from Hindenburg Research as a deliberate scheme involving the US-based short-seller and the Congress party. He asserted that India's small investors have successfully countered this attempt to undermine the nation's interests.
Prasad suggested that the report was designed to disrupt the consistent and strong growth of Indian stock markets. He also criticized the Congress party for engaging in what he termed ‘toolkit’ and ‘chit politics’.
The BJP MP praised the resilience of Indian stock markets, which remained stable despite new efforts to destabilize them, and commended small investors for their confidence in India's economic progress.
“Small investors have firm faith in Prime Minister Narendra Modi’s leadership. Today, they have reinforced their belief and rejected attempts by foreign elements to hurt Indian markets. They deserve a pat on their back on this,” Prasad noted.
He contrasted the current situation with the UPA I and II eras, highlighting that major scams during Manmohan Singh's tenure eroded public confidence.
“In contrast, India under the Modi government is on track to become the world’s third-largest economy. The stock markets are reaching new heights, and foreign investors are increasingly drawn to India,” he said.
Despite the concerns raised by Opposition leaders, the stock markets remained stable on Monday following the Hindenburg Research findings.
Prasad also criticized the US-based short-seller for targeting India's institutions and failing to comply with local regulations.
“Hindenburg was issued a notice by the Securities and Exchange Board of India (SEBI) in July. Instead of addressing the charges, it responded with a new set of unfounded and harmful accusations against the market regulator,” he explained.
“Having been dismissed by the people of India, the Congress party, its INDIA bloc partners, and the ‘toolkit’ group have conspired to create economic chaos and instability in the country,” Prasad added during a press conference.
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