Prime Minister Narendra Modi has predicted a significant stock market surge following the Lok Sabha election results, forecasting a record number of seats for the Bharatiya Janata Party (BJP). In an interview with the Economic Times, PM Modi stated, “I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”
Reflecting on his government’s achievements, he remarked, “Our government has undertaken maximum reforms and managed the economy with fiscal prudence. 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 $5 trillion market cap for the first time ever.”
Discussing the past 10 years and two terms of the BJP Government, PM Modi highlighted the increase in public participation in the stock market. “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. The number of Demat accounts has increased from just 2.3 crore to over 15 crore now. The number of mutual fund investors has increased from 1 crore in 2014 to 4.5 crore today. As a result, we have a broader base of domestic investment. Domestic investors have become more active and vibrant, playing a more substantial role in our markets than ever before. This is a clear indication of the financialisation of savings that has occurred in the last 10 years.”
He also emphasised the ease of investing in the stock markets, stating, “Our investors are well aware of the pro-market reforms we have implemented. These reforms have created a robust and transparent financial ecosystem.”
