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Rahul Gandhi takes potshots at PM Modi after market crash: ‘Trump has blown lid off illusion’

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The recent sharp decline in the Indian stock market triggered a political showdown, with Congress leader Rahul Gandhi taking a dig at Prime Minister Narendra Modi. The market crash followed the outcome of the U.S. presidential elections, where Donald Trump's resurgence caused global financial turbulence. Gandhi seized the moment to attack the Modi government, claiming that Trump's victory had "blown the lid off the illusion" of India's economic stability under BJP rule.  

*Market Crash and Political Reactions**  
On June 5, 2024, Indian stock markets witnessed a massive sell-off, with the Sensex plunging over 4,000 points—one of the biggest single-day drops in recent years. The crash was attributed to global uncertainty after Donald Trump's unexpected lead in the U.S. presidential race, raising fears of trade wars and geopolitical instability. Investors rushed to secure their positions, leading to panic selling in emerging markets, including India.  

Rahul Gandhi, a vocal critic of the Modi government, quickly responded to the market turmoil, accusing the BJP of creating a "false narrative" of economic growth. In a post on X (formerly Twitter), he wrote, *"The stock market crash reveals the truth behind Modi’s so-called economic miracle. Trump has blown the lid off the illusion. The BJP’s propaganda of a thriving economy stands exposed."*  

*Gandhi’s Critique of Modi’s Economic Policies**  
Gandhi has long argued that India’s economic growth under the BJP has been uneven and largely beneficial only to a select few. He pointed out that while the government boasts about record-high stock markets, the reality for ordinary Indians—especially farmers, small businesses, and the middle class—remains grim. Rising unemployment, inflation, and income inequality have been persistent issues, and the market crash, according to Gandhi, only highlights the fragility of India’s financial system.  

The Congress leader also referenced the Adani-Hindenburg controversy, suggesting that the Modi government’s close ties with certain industrialists have made the markets vulnerable to external shocks. *"When the market is built on crony capitalism and hype, not real growth, it collapses at the first sign of trouble,"* he said.  

*BJP’s Counterattack**  
The BJP swiftly dismissed Gandhi’s remarks, calling them "irresponsible" and "politically motivated." Finance Minister Nirmala Sitharaman stated that market fluctuations are a global phenomenon and that India’s fundamentals remain strong. BJP leaders accused Gandhi of trying to spread panic and undermine investor confidence for political gains.  

Broader Implications**  
The stock market crash and the ensuing political debate raise important questions about India’s economic resilience. While short-term market movements are influenced by global events, the opposition’s criticism underscores deeper concerns about job creation, manufacturing growth, and wealth distribution.  

Rahul Gandhi’s comments reflect a broader narrative battle ahead of the 2024 general elections. As the BJP emphasizes macroeconomic indicators like GDP growth and infrastructure development, the opposition is likely to keep focusing on unemployment and inequality. Whether this market crash becomes a turning point in economic discourse remains to be seen, but one thing is clear—the political blame game is far from over.  

Conclusion**  
The stock market crash has reignited the debate over India’s economic health, with Rahul Gandhi using the opportunity to challenge the Modi government’s claims of success. While global factors played a key role in the downturn, the political fallout highlights the growing tension between the BJP and opposition parties over economic policies. As Trump’s potential return to the White House creates ripples worldwide, India’s political and economic stability will remain under scrutiny.

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