"Reforms Created Robust Financial System, Boosted Retail Participation," Says PM Modi
"I can say with confidence that on 04 June, as the BJP hits record numbers, the stock market will also hit new record highs," say Modi
Prime Minister Narendra Modi has asserted that the BJP is on track to form the government for a record third term and the victory of the party will also result in record numbers on the country's stock exchange market.
"I can say with confidence that on 04 June, as the BJP hits record numbers, the stock market will also hit new record highs," Modi said in an interview with the media.
"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 25,000 points. Today, it stands at around 75,000 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 ten 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. 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.
According to the latest Bernstein research, the stock market will experience a short-term rally post-election if NDA comes back to power. Sectors like infrastructure, manufacturing, and domestic cyclicals are expected to lead the way.
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.
According to the market data, the Nifty 50 index has surged threefold in the last ten years, the Nifty index has surged from 6,900 points in 2014 to 22,700 points in 2024.
The market capitalisation of companies listed on BSE has also touched a milestone of USD 5 trillion, hitting a fresh high on 21 May, exchange data showed.
In early April, the BSE market map had touched USD 4 trillion, and it took a month and a fortnight to add another trillion.
Firm GDP growth forecasts with the country set to remain the fastest growing major economy, inflation at manageable levels, political stability at the central government level, and appreciable central bank monetary policy, have all contributed to painting a bright picture for the Indian economy in recent quarters. (ANI)
