‘Week after June 4…’: PM Modi predicts market ‘action’ post Lok Sabha Elections 2024 results

Echoing the remarks of Union Home Minister Amit Shah, Prime Minister Narendra Modi said the stock market will see an upward rally after June 4, 2024, when the Lok Sabha 2024 Election results will be announced.

PM Modi said the government has done maximum economic reforms in the past 10 years of NDA rule. "Pro-entrepreneur policies give a lot of push to our economy, so, naturally, everyone wants to be part of it," he said during an interview with NDTV.

He said his government started the journey when the stock market was at 25,000, and that it has now touched 75,000. "This raises our reputation in the world."

He said the more common people will take part in this field (investment in capital markets), the more push the economy will get. "In fact, I want every citizen to have at least a little risk-taking capacity, which is essential."

In his forecast of the stock market's momentum after the election results, the PM said: "The day election results will come, you will see in that week that the stock market programmers will get tired of action."

He also talked about the growth of PSU companies during the NDA's terms. "Look at where the PSU companies’ shares have reached today. Earlier, PSU shares were synonymous only with falling prices. But now their values are increasing many times in the stock market."

He cited an example of state-owned HAL (Hindustan Aeronautics Limited), which he said made a "record profit" in the fourth quarter at over ₹4,000 crore. "This has never happened in the history of HAL. So I believe we have made good progress."

Finance Minister Nirmala Sitharaman on May 8, 2024, had also said the total market cap of all 81 listed PSUs, comprising 62 central public sector enterprises (CPSEs), 12 PSBs, 3 public sector insurance companies and IDBI Bank, has grown by 225% in the past three years, thanks to their better management.

She said the transformation in PSUs under the Modi government is evident from looking at the parameters between FY 2022-23 and FY 2013-14. "Total paid-up capital of all CPSEs was ₹5.05 lakh crore as of March 31, 2023, vs ₹1.98 lakh crs in FY 14, an increase of 155%. Total gross revenue from the operations of CPSEs during FY 2023 was ₹37.90 lakh crore v/s ₹20.61 lakh crore in FY 14, an increase of 84%."

Union Home Minister Amit Shah on May 12 had also said that the stock market will “shoot up” after June 4, 2024. He claimed the BJP and its allies will come to power in huge majority and that the NDA alliance will cross the 400-plus mark. "I suggest that you buy (shares) before June 4. It will shoot up," the Home Minister said during a TV interview.