 "Modi, Narendra Modi")
Ahead of the upcoming voting in the sixth phase of the ongoing Lok Sabha elections, Prime Minister Narendra Modi exuded confidence about the stock market’s performance and outlined his vision for India’s development.
In a recent interview with Economic Times, addressing concerns over market volatility linked to election uncertainties, PM Modi predicted a record high for the stock market as the BJP secures a substantial victory on June 4.
PM Modi on market confidence and financialisation of savings
PM Modi emphasised the stock market’s trust in his administration, attributing its remarkable performance over the past decade to his initiatives. “When we took office, the Sensex was around 25,000 points. Today, it stands at around 75,000 points, reflecting a historic rise,” he said.
“This confidence has spurred domestic investment, with the number of Demat accounts skyrocketing from 23 million to over 150 million and mutual fund investors increasing from 1o million to 45 million since 2014,” he added.
PM Modi highlighted this as a clear indication of the financialisation of savings in India, showcasing a broader and more active domestic investment base.
PM Modi on polarising campaigns
Responding to concerns about the election campaign’s polarising nature, PM Modi clarified that his focus remains on exposing the Congress manifesto while championing the ‘Viksit Bharat’ (Developed India) campaign.
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“What is truly communal and polarising is Congress party’s manifesto, their issues and their intent. It is my duty to expose them,” he said.
He also outlined 13 parameters as markers of a developed India and emphasised proactive steps to create future jobs beyond relying solely on high growth.
“In 2014, the then finance minister said that India will become the third largest economy in 2043. In our case, we are already the fifth-largest economy and will become the third-largest economy in our third term. We will be at least 15 years ahead of their promise,” the Prime Minister added.
‘First right’ to natural resources belong to poor: PM Modi
Answering a question on the political debate over ‘first right' to national resources’, PM Modi reiterated his commitment to the welfare of the poor.
“The first right to national resources belongs to the poor. Everything we do, every policy we make, has the welfare of the poor at the heart of it. We are committed to ensuring that the fruits of development reach every poor person, regardless of their caste, community or region.” PM Modi declared.
He stressed that all policies are designed to benefit the impoverished, ensuring that government schemes reach 100 per cent of beneficiaries.
BJP’s electoral confidence and expected gains
PM Modi expressed confidence in the BJP crossing the majority mark, citing overwhelming support and enthusiasm observed during his campaign rallies.
“I have clear signal from the people on the ground that we have crossed the majority mark and the momentum is only getting stronger with each phase. Everywhere I have gone in the past few weeks, I have received a lot of love, support and enthusiasm for BJP. On the voting day, our polling booths are brimming with activity,” he noted, predicting even greater support for the NDA in the remaining election phases.
PM Modi answers which states will bring better seats for BJP
PM Modi projected significant gains in states where the BJP performed well in previous elections, including Tamil Nadu, Telangana, Andhra Pradesh, Kerala, West Bengal, and Odisha.
“I believe we will repeat our strong performance in the states where we won big in 2014 and 2019. South India and East India will bring record new gains. This time, we will vastly improve our performance in states like Tamil Nadu, Telangana, Andhra Pradesh, Kerala, West Bengal and Odisha. The so-called ‘red corridor’ will turn entirely saffron this election. Even Uttar Pradesh will see a rise in our seats,” the Prime Minister noted.
On India’s role in West Asia crisis
Discussing the West Asia crisis, PM Modi expressed concern over the human cost and emphasised India’s balanced relations with the region’s countries.
“India has strong relations with many countries in West Asia. Even if some of these nations find themselves on the opposite side of each other, we have equally healthy relations with each of them,” he highlighted.
Talking about India’s efforts for global peace, including sending a special envoy to urge for a cease-fire during Ramzan. PM Modi reiterated India’s stance on promoting dialogue as the way forward for peace and progress in West Asia.
“We have always conveyed to these nations that we are totally on the side of peace and progress. We have always stressed upon the perspective that dialogue is the way forward. And we will continue to do so,” he added.
On India’s demographic dividends
Prime Minister Narendra Modi emphasised that India’s unique combination of demography, democracy, and demand has always been present, but his administration’s approach to reform, performance, and transformation has significantly empowered these factors.
“...the way we have empowered these crucial factors with our mantra of reform, perform, transform has made an important difference,” he said.
He pointed out that India's current demographic advantage is unprecedented and will not be replicated in the future.
PM Modi highlighted that, alongside this demographic sweet spot, India has positioned itself in an economic sweet spot through historic reforms in various sectors, including banking, foreign direct investment, compliance, corporate taxation, income taxes, and fiscal policy.
As a result, India has progressed from being one of the ‘Fragile Five’ economies to becoming one of the top five economies globally. He also noted that India has maintained its status as the fastest-growing economy for several years and has attracted record foreign direct investment over this period.
