Stock Market Soared 4x Under Modi Govt: Goyal
Over the last decade, India’s stock market has experienced remarkable growth, with indexes such as the Nifty and Sensex reaching new highs. This tremendous increase is ascribed to Prime Minister Narendra Modi’s government’s economic policies and initiatives. Union Minister Piyush Goyal emphasized these accomplishments in a recent speech, demonstrating how India’s stock market has grown fourfold during the Modi administration.
Stock Market Performance.
When the Modi government took office, the Nifty was around 5,700 points. As of July 3, 2024, it has surpassed the 24,000 milestone, representing a fourfold gain. This rapid gain is more than simply a matter of numbers; it indicates India’s underlying economic strength and investor confidence in its growth prospects.
Factors that contribute to growth
Several variables have led to this exceptional accomplishment. Key among these are the government’s pro-business policies, efforts to reduce regulatory burdens, and initiatives to attract international investment. The improved investment climate has played an important role in boosting market sentiment and growth.
The Nifty and Sensex surge.
Over the last decade, the Nifty and Sensex have constantly broken records. On July 4, 2024, the Sensex reached an all-time high of 80,049.67 points, while the Nifty finished at 24,302.15 points. These milestones are noteworthy achievements that demonstrate the government’s vigorous economic policy.
Piyush Goyal’s Address
In his speech to the PHD Chamber of Commerce & Industry, Piyush Goyal stressed the stock market’s unforgiving character, which only responds to numbers and future prospects. He credited the market’s performance to India’s quick advancement in a virtuous growth cycle, which is supported by good economic policies and strategic plans.
Technological advancements
Technology has been a driving element in India’s economic development. Innovations in numerous areas, including the drone industry, have helped to boost market confidence and overall economic growth. The government’s emphasis on technology has enabled India enter a new era of growth and wealth.
Drone Industry Growth
One of the most notable sectors has been the drone industry. Over the last three years, this sector has grown rapidly, because to initiatives such as the NAMO Drone Didi program. This initiative intends to empower women in agriculture by using drones to assist with farming chores, increasing productivity and lowering labor expenses.
Impact on Agriculture
The application of drone technology in agriculture has proved transformational. Drones aid in combating irregular weather patterns, optimizing fertilizer use, and increasing crop yields. These developments are critical for India’s largely agrarian economy, as they enable farmers to attain better outcomes and livelihoods.
PLI scheme for drones
The Production-Linked Incentive (PLI) Scheme for drones and drone components aims to jumpstart the industry’s growth. While not meant to be a permanent subsidy, it does give critical support to help the business grow and become self-sustaining. The plan demonstrates the government’s commitment to promoting technical innovation and industrial prosperity.
Government’s Vision for the Future
Looking ahead, the Modi government intends to triple the rate of advancement and accomplish three times the results during its third term. The ultimate goal is to become India the world’s third largest economy. This vision is based on ongoing support for technology developments, infrastructure development, and economic transformation.
Support for the cooperative sector
The government recognized drones’ potential to aid the cooperative sector, Self-Help Groups (SHGs), and Farmers Producer Organizations (FPOs). Drones can transport fertilizer more efficiently, eliminate waste, and lower farmer costs by using agri-infra funds. This collaborative approach is essential for ensuring long-term agricultural success.
Startup Ecosystem
India’s startup environment has blossomed during the Modi administration. In the first half of 2024 alone, 18 Initial Public Offerings (IPOs) were launched, compared to 17 in 2023. This spike in initial public offerings reflects the government’s favorable environment and the lively entrepreneurial spirit.
Conclusion
The Modi government has made enormous economic gains, as indicated by the stock market’s spectacular surge. Policies fostering investment, technical improvements, and infrastructural development have created an atmosphere conducive to long-term growth. As India continues on this path, its future appears bright, with the potential to become one of the world’s largest economies.
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