PM Modi said, “Reforms created a strong financial system, every Indian can participate in the stock market.”

Ronit Kawale
Ronit Kawale - Senior Editor
5 Min Read

Prime Minister Narendra Modi has said that the BJP is headed towards forming the government for a record third time and the party's victory will also lead to record figures in the country's stock market.

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“I can say with confidence that as soon as the BJP touches record numbers on June 4, the stock market will also reach a new record high,” Modi said in an interview to the Economic Times.

PM Modi told the business daily that the Sensex has increased from 25,000 points to 75,000 in 2024. He also said that investors have shown confidence in his government.

The Prime Minister said, “The trust that the stock market has reposed in us is evident from its remarkable performance over the last decade. When we took over, the Sensex was at around 25,000 points. Today, it is at around 75,000 points, showing historic growth. Recently, we have reached a market capitalisation of US$ 5 trillion for the first time.”

“Over the last 10 years, if you look at the number of demat accounts, you will understand how citizens have started showing faith in the Indian economy. The number of mutual fund investors has grown from 1 crore in 2014 to 4.5 crore today. As a result, we have a broad base of domestic investment. Our investors are well aware of the pro-market reforms we have implemented. These reforms have created a strong and transparent financial system, making it easier for every Indian to participate in the stock markets,” PM Modi said.

The Lok Sabha election campaign has reached its final stage and Prime Minister Modi is confident that voters have trusted his party.

“On the contrary, the atmosphere in the opposition is very serious and depressing. This shows that we are moving towards achieving a historic victory in the current elections. People also realize this and hence they will not waste their votes on the Congress and its allies who have already lost the elections,” the Prime Minister told The Economic Times.

According to market data, the Nifty 50 index has grown three-fold in the last 10 years, with the Nifty index rising from 6,900 points in 2014 to 22,700 points in 2024.

The market capitalization of companies listed on BSE has also reached a new high, touching the US$5 trillion milestone on May 21, exchange data shows. The ongoing boom in the Indian stock markets helped in reaching this milestone.

By the beginning of April, the BSE market map had reached US$4 trillion, and it took a month and a fortnight to add another trillion dollars.

Market capitalization or market cap is the total value of a company's stock, obtained by multiplying the stock price by the number of its outstanding shares.

Strong GDP growth projections with the country continuing to be the fastest growing major economy, inflation remaining at manageable levels, political stability at the central government level and commendable central bank monetary policy recently painted a bright picture for the Indian economy. Is. Quarterly.

According to Bernstein's latest research, the stock market will see a short-term rally after the elections if the NDA comes back to power. Sectors like infrastructure, manufacturing and domestic cyclicality are expected to pick up pace.

The benchmark equity indices closed positive in Wednesday's session. The NSE Nifty 50 rose 68.74 points (0.31 per cent) to 22,597.80, while the BSE Sensex rose 267.75 points (0.75 per cent) to 74,221.06.

The gains were led by large-cap and mid-cap shares, with the Bank Nifty index falling 266.25 points (0.55 per cent) to 47,781.95. Sector-wise, realty and FMCG outperformed, while metals and financial services witnessed decline.

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