Rahul misleading investors out of frustration after defeat: Piyush Goyal

From Rs 67 trillion during UPA govt, India's market cap surged to Rs 415 trillion; domestic, retail investors benefitted most, Goyal said in a press conference

Dismissing Rahul Gandhi's "biggest stock market scam" allegations, Bharatiya Janata Paarty (BJP) leader and outgoing Union Minister of Commerce and Industry Piyush Goyal said the Congress MP was making such comments because he was "unable to accept INDIA bloc's loss" in the Lok Sabha elections 2024. 

"Rahul Gandhi is hatching a conspiracy to mislead investors out of frustration following the opposition's defeat," he said in a press conference. 

"The Rs 30 trillion Rahul Gandhi is talking about refers to valuation, it's notional and not about trading; he doesn't understand," Goyal said, adding, "When the United Progressive Alliance (UPA) government was in power 10 years ago, India's market cap at that time was Rs 67 trillion...Today the market cap has increased to Rs 415 trillion..." 

Earlier today, Rahul Gandhi alleged that remarks made by Prime Minister Narendra Modi and other ministers caused a surge in the stock market before the vote counting, followed by a crash after the election results, resulting in significant investor losses. Calling it the "biggest stock market scam," he called for an investigation. 

Hitting back at Congress leader, Goyal said, "Stock market fell as investors feared when Congress gained in seats; it is rising now as Modi govt is set to return." 

He added, "Today, India has become the fifth-largest economy in the world. The whole world accepts that it is the fastest-growing economy in the world. PM Modi has assured the nation that in this term, India will become the third-largest economy. We are delighted that our allies are equally progressive. They support reform, they support what is good for the people of India. They understand that the ten years of the Modi government have taken the country to newer heights and have the confidence that under Prime Minister Narendra Modi's able leadership...the big vision with which he has taken the country to today's position of being the world's fastest-growing large economy, they are confident that under his leadership, this country will continue to do better and better and become the worlds third-largest economy while continuing the growth that we are witnessing in the last few years."