PM Modi predicts record stock market rally on June 4: ‘Can say with confidence…’ - Hindustan Times
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PM Modi predicts record stock market rally on June 4: ‘Can say with confidence…’

By | Edited by Mallika Soni
May 23, 2024 10:52 AM IST

Reflecting on the work done by his government, PM Modi said, “Our government has undertaken maximum reforms and managed the economy with fiscal prudence."

Prime Minister Narendra Modi said that the stock market will hit new highs following the Lok Sabha election results in which the Bharatiya Janata Party (BJP) will also get record seats. In an interview with the Economic Times, PM Modi said, “I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”

PM Modi on stock markets: PM Narendra Modi in Delhi on Wednesday. (Vipin Kumar/HT Photo)
PM Modi on stock markets: PM Narendra Modi in Delhi on Wednesday. (Vipin Kumar/HT Photo)

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Reflecting on the work done by his government, he said, “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.”

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Talking about the past 10 years and two terms of the BJP government, he told the outlet, “If you just take a look at the number of Demat accounts, you will understand how citizens have started to show confidence in 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 br of domestic investment. Domestic investors have become more active and vibrant and are 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.”

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He also said that it has become easier for investors to invest in the stock markets as “our investors are well aware of the pro-market reforms we have implemented. These reforms have created a robust and transparent financial ecosystem.”

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