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Rahul Gandhi takes potshots at PM Modi after market crash: ‘Trump has blown lid off illusion’
The repercussions of Donald Trump's tariff war were felt in India as stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points.
Congress MP Rahul Gandhi on Monday took potshots at Prime Minister Narendra Modi after the stock markets crashed over the tariff war initiated by Donald Trump, saying the US President had “blown the lid of the illusion”. Claiming the Prime Minister was "nowhere to be seen", Gandhi argued that India would have to accept the reality that it had no choice but to build a production-based economy.
"Trump has blown the lid off the illusion. Reality is biting back. PM Modi is nowhere to be seen," Rahul Gandhi said in a post on X.
"India has to accept reality. We have no choice but to build a resilient, production-based economy that works for all Indians," he added.
Donald Trump has upended all major and emerging markets after he imposed tariffs against China, the biggest manufacturing powerhouse of the world.
He has also imposed reciprocal tariffs against other nations, including India.
Markets crash in India
The repercussions of Donald Trump's tariff war were felt in India as stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points.
The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
In Asian markets, Hong Kong's Hang Seng index tanked more than 13 per cent, Tokyo's Nikkei 225 plunged nearly 8 per cent, the Shanghai SSE Composite index dropped over 7 per cent and South Korea's Kospi sank over 5 per cent.
European markets, too, came under heavy selling pressure and were trading with up to a 6 per cent decline.
Meanwhile, in a separate remark in Patna, Gandhi blamed Trump for the crash.
"The US president has led to a tumble in the stock market. Less than 1 per cent of the people here have their money invested in the stock market, which means the stock market is not a field for you. Unlimited money is made in it, but you don't get the benefit of it," the Lok Sabha LoP said.
With inputs from PTI, ANI
