The last phase of the Lok Sabha elections is yet to be held but Union Finance Minister Nirmala Sitharaman is quite optimistic about BJP’s win. She said that June 4 will bring good results for the BJP, which in turn will lead to an upward trajectory for the stock market.
Talking to CNN-News18, Nirmala Sitharaman, in response to a question asking her opinion on the rating of India by S&P Global from ‘stable’ to ‘positive’, said it was a ‘good omen’ for the Indian economy.
Nirmala Sitharaman said, “This is undoubtedly a good omen for Prime Minister Narendra Modi, the country and the economy. The reasons he has given clearly show why the economy needs visionary leadership. This shows that the country needs a leader who takes everyone along, and ensures that spending is done to create assets and not to spend revenue.”
She added that the Prime Minister has focused on spending more money on infrastructure and ensuring quality expenditure, adding that the S&P Global rating spoke for itself and that S&P had explained in full detail why they changed India’s rating for the better. According to the Finance Minister, there is a possibility of India receiving an even better grade in the upcoming 24 months.
When asked if the stock market will rise on June 4 if the BJP wins the general elections, the Finance Minister responded that a favourable result is expected for the BJP. In the interview, the Finance Minister stated, “This will indicate stability and send a positive message to the stock market and so it can actually go up. it will be a solid bull market.”
Nirmala Sitharaman said that global instability is a very big issue. So if the domestic markets take cognizance of all factors and then perform, the domestic market will move in an opposite direction to the uncertainty in the global arena.
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