Prime Minister Narendra Modi on Thursday expressed confidence that on June 4, the day of Lok Sabha election results, both the BJP and the stock market will reach new heights.

In an interview with the Economic Times PM Modi said, “Our investors are well aware of the pro-market reforms we have implemented. These reforms have created a robust and transparent financial ecosystem, making it easier for every Indian to participate in the stock markets.”

Advertisement

“I can say with confidence that on June 4, as BJP hits record numbers, the stock market will also hit new record highs.”

Showcasing his confidence in BJP-led National Democratic Alliance (NDA) victory, he asserted that the BJP has already crossed the majority mark in the first five phases of the Lok Sabha polls.

The PM said that he had clear signals from the people on the ground that the momentum was only getting stronger with each passing phase.

“Over the past 10 years, 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 crores to over 15 crores now,” the Prime Minister said.

“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,” he added.

PM further highlights that when he was elected for the first time in 2004, the Sensex scaled the 25,000 mark and has now tripled to near 75,000-level.

He said that the trust the stock market places in the BJP government is evident in its remarkable performance over the past decade.

However, it is to be noted that in the election season, there has been a significant outflow of over Rs 37,000 crore by Foreign Institutional Investors (FIIs).

The steady rise in the market taking BSE’s m-cap to $5 trillion is now within striking distance of Hong Kong, which commands a market-cap of $5.39 trillion currently.

In terms of m-cap, India occupies the 5th slot, after the US, China, Japan, and Hong Kong, in the pecking order of top stock exchanges in the world.