New Delhi: Undeterred with the Stock Market crash and BJP not getting the majority in Lok Sabha Election 2024 Result on June 4, 2024, economist Aakash Jindal exuded confidence in India’s growth story and said that BSE Sensex and Nifty would have better days in the future.
Stock Market crash was over reaction
Backing his point of view, the economist said, “Stock Market crashed on 4th June because of the Lok Sabha Election 2024 Results but it was an overreaction.” Jindal said the next government is being formed and NDA is going ahead with the government formation as it has sufficient numbers.
With NDA all set to form the government, the economist said reforms would continue and India’s growth story would remain intact.
“The reforms and growth would continue. India is the fastest growing economy in the world. As of now, the country recorded GDP growth of 8.2 per cent in 2023-24 and in the last quarter of 2024 it has been 7.8 per cent. This growth rate is bigger than the four world’s largest economies – the US, China, Japan and Germany,” he told News9.
Sensex, Nifty to gain
Commenting on the stock market performance, Jindal said after the June 4 rout, BSE Sensex and Nifty recovered on June 5 a lot and there will be better times for Stock Market and the Indian economy.
He further exuded confidence in the indices and economy to move forward, saying that because of the Russia-Ukraine war, a huge chunk of the world is going through a slowdown. Big economies like the US, China, Germany and Japan all are witnessing a slowdown whereas India is growing ahead with fast numbers, he added.
“With India growing ahead, FDI has to come to India, portfolio money would come to India. Since we are growing at the fastest level and markets are dependent on the Indian economy there is a possibility that there would be better days for markets, and the Indian economy,” he said.
Stock Market on June 5 and 4
Making a strong comeback, the Sensex and Nifty rallied over 3 per cent each after facing heavy losses on June 4 on below-expectation Lok Sabha Election results.
The bloodbath on Dalal Street led to equity investors suffering a massive loss of Rs 31 lakh crore on June 4 as markets plummeted with the BSE Sensex plunging nearly 6 per cent. Nifty also suffered huge losses as it also declined nearly 6 per cent.
Economist Aakash Jindal said that Stock Market indices BSE Sensex, NSE Nifty would gain as the NDA government is all set t form the next government and would continue with economic reforms. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
