Rejecting the BJP hypothesis that the stock market was rallying because of likely change of the government, Congress today said it was due to the strong macro economic fundamentals and improvement in the Current Account Deficit (CAD) position.
"The economy has done remarkably well despite six years of global headwinds and continuing economic and global financial crisis. The BJP was dealing with micky mouse economy which was less than a quarter of the economy of India today," Senior Congress leader and Commerce and Industry Minister Anand Sharma told reporters here.
He also said that the stock market rally and the strong recovery in the value of rupee is "because the macro- fundamentals are strong and we have brought down the CAD to USD 35 billion".
The BSE benchmark Sensex today surpassed the 22,500-level. It set a new closing high for the sixth day in succession on the account of persistent foreign capital inflows and positive global cues.
The domestic currency, which had touched a record low of over 68 against the US dollar few months ago, has strengthened and closed at Rs 59.90/USD today.
"All the major currencies of the world were volatile. No single currency vis-a-vis dollar which did not depreciate last year. But the fact is that, this is the strongest recovery that has been staged by the Indian rupee as compared to any other global currency against the dollar," Sharma said.
CAD too has come down to about USD 35 billion during 2013-14, from an all time high of USD 87.8 billion in 2012-13.
"When NDA was in office, Sensex was below 5,000. Sensex has been rising continuously (after that). Last year, markets were fluctuating a little bit but we never went below 17,000-18,000," he said.
Drawing a comparison with NDA regime, Sharma said that during the UPA-II tenure, India's exports trade grew by five times and FDI inflows increased by 15 times.
