Reacting sharply to Congress MP Rahul Gandhi’s attack on BJP stalwarts, Piyush Goyal said the stock market fell as investors feared when Congress gained in seats; it is rising now as the Modi Government is set to return.

He alleged that Rahul Gandhi was hatching a conspiracy to mislead investors while PM Modi is working to make India the third largest economy.

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Goyal said the claims made by the Congress MP are absolutely baseless, and that he still has not overcome the loss in the Lok Sabha Elections. It is the grand old party’s conspiracy to malign the BJP while the market is booming under the Modi Government.

“Following exit polls, foreign investors bought stocks at high rates while Indian investors sold and booked profits,” he added.

He further said, “In the last 10 years of the Modi Government, for the first time our market cap has crossed over 5 trillion dollars. Today, India’s equity market has entered the market cap of the top 5 economies of the world.”

“We know that the market cap of PSUs listed in the market has increased 4 times under the Modi Govt,” he added.

“When the UPA was in power 10 years ago, India’s market cap at that time was Rs 67 lakh crore…Today the market cap has increased to Rs 415 lakh crore,” he highlighted.

Earlier at a press conference, Rahul Gandhi sharpened his attack on Prime Minister Narendra Modi and Home Minister Amit Shah, saying the duo’s statement over stock market in pre-poll campaigns resulted in the loss of lakhs of crores of rupees to retail investors.

He demanded a Joint Parliamentary Committee (JPC) probe into what her described as the “biggest stock market scam”.

Piyush Goyal said the holding of foreigners at the time of UPA was 21% and it has reduced to 16% today, that is, the investment of foreigners has reduced and the ownership of Indian investors in the Indian stock market has increased from 79 to 84% today.

“The size of the mutual fund industry was only Rs 10 lakh crore in 2014, today it has increased more than 5 times to Rs 56 lakh crore. Through mutual funds, Indian investors especially small investors are taking advantage of this growing market today and these small retail investors have ensured that India’s ownership today has instantly become more than the ownership of institutional investors,” he added.

Further speaking on the Modi 3.0, he said, “All reforms will continue, and the country is poised for a bright future ahead. We are delighted that our allies are equally progressive. They support reforms, they support what is good for the people of India.

They have the confidence in Prime Minister Narendra Modi’s able leadership, the big vision with which he has taken the country to today’s position of being the world’s fastest-growing large economy, he said.

India will continue to do better and better and become the world’s third-largest economy while continuing the growth that we are witnessing in the last few years, he asserted.