NEW DELHI: Hours after Rahul Gandhi alleged that Prime Minister Narendra Modi and home minister Amit Shah were “directly involved” in what he described as the “biggest stock market scam“, Union minister Piyush Goyal accused the Congress leader of hatching a conspiracy to mislead investors while PM Modi working to make India third largest economy.
Goyal said Gandhi’s recent comments are aimed to mislead investors following the Lok Sabha election defeat, despite India’s growing economic stature on the global stage.“It seems like Rahul Gandhi has not overcome from the defeat of the opposition in the Lok Sabha elections. Now, he is trying to deceive market investors.”
Goyal highlighted India’s position as the fifth-largest economy globally and its status as the fastest-growing economy, recognized by the international community. He further reiterated PM Modi’s pledge to propel India to become the third-largest economy during this term.
“Today, India’s equity market has entered the market cap of the top 5 economies of the world,” he said, attributing this success to the policies and initiatives implemented by the Modi government.
Comparing India’s economic performance under the UPA government to the present, Goyal highlighted a substantial increase in market capitalization from Rs 67 lakh crore to Rs 415 lakh crore. He also noted a decline in foreign investors’ holdings from 21% to 16%, indicating greater participation and ownership by Indian investors in the stock market.
Furthermore, Goyal emphasized the significant growth of the mutual fund industry, which has expanded more than fivefold from Rs 10 lakh crore to Rs 56 lakh crore since 2014. He credited small retail investors, particularly through mutual funds, for driving this growth and enhancing India’s ownership in the market.

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