 "Markets rising in anticipation of political change: Jaitley")
Taking a dig at Finance Minister P Chidambaram, senior BJP leader Arun Jaitley today said the stock markets are rising in expectations of political change and not because of the policies of the UPA government.
"In last few days, there is a revival in stock market and the observation in the entire world is that FIIs are looking towards India as they hope there will be political change and government here will be formed under leadership of (Narendra) Modi," he said.
Jaitley, who is contesting for the Lok Sabha from the holy city, was responding to recent statement of Chidambaram which attributed the stability in the capital and currency markets to the measures taken by the UPA government in the last 18 months.
Chidambaram had earlier this week said: "I am amused to read in some sections of the media that it is the 'hope' of a stable government that is bringing in investments and driving up the capital market and the value of the rupee.
"It is not 'hope', but the 'fact' of a stable government provided by the UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the Indian economy."
The BJP leader, however, claimed that whenever foreign investors are asked why they were going to India, they say "we anticipate a political change, so we are optimistic."
Today, he said, "if there is some silver lining or ray of hope, it is because there is a likelihood of political change in the country. And if Congress party's ego is still so high that they cannot see reality, then we don't want to say anything in this regard."
The stock markets today rose for the fourth consecutive day and has risen to record high levels intra-day. The BSE Sensex closed at a lifetime closing high of 22,214.37 points on sustained FII buying.
The Indian rupee appears to be stabilising around 60 to a dollar as against a record low of 68.85 to a dollar in August last year.
Replying questions on Foreign Direct Investment (FDI), Jaitley said that "BJP will welcome FDI in sectors like infrastructure which is good for the country. However, he said the party was opposed to FDI in multi-brand retail.
"In last few days, there is a revival in stock market and the observation in the entire world is that FIIs are looking towards India as they hope there will be political change and government here will be formed under leadership of (Narendra) Modi," he said.
Jaitley, who is contesting for the Lok Sabha from the holy city, was responding to recent statement of Chidambaram which attributed the stability in the capital and currency markets to the measures taken by the UPA government in the last 18 months.
Chidambaram had earlier this week said: "I am amused to read in some sections of the media that it is the 'hope' of a stable government that is bringing in investments and driving up the capital market and the value of the rupee.
"It is not 'hope', but the 'fact' of a stable government provided by the UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the Indian economy."
The BJP leader, however, claimed that whenever foreign investors are asked why they were going to India, they say "we anticipate a political change, so we are optimistic."
Today, he said, "if there is some silver lining or ray of hope, it is because there is a likelihood of political change in the country. And if Congress party's ego is still so high that they cannot see reality, then we don't want to say anything in this regard."
The stock markets today rose for the fourth consecutive day and has risen to record high levels intra-day. The BSE Sensex closed at a lifetime closing high of 22,214.37 points on sustained FII buying.
The Indian rupee appears to be stabilising around 60 to a dollar as against a record low of 68.85 to a dollar in August last year.
Replying questions on Foreign Direct Investment (FDI), Jaitley said that "BJP will welcome FDI in sectors like infrastructure which is good for the country. However, he said the party was opposed to FDI in multi-brand retail.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%