Following the stock market meltdown caused by Donald Trump’s tariff battle, Congress MP Rahul Gandhi took jabs at Prime Minister Narendra Modi on Monday, claiming that the US President has “blown the lid of the illusion.” Gandhi asserted that the prime minister was “nowhere to be seen” and that India would have to come to terms with the fact that it would have to develop a production-based economy.
“Trump has blown the lid off the illusion. Reality is biting back. PM Modi is nowhere to be seen,” Rahul Gandhi said in a post on X. “India has to accept reality. We have no choice but to build a resilient, production-based economy that works for all Indians,” he added.
Following his imposition of tariffs against China, the world’s largest manufacturing powerhouse, Donald Trump has completely upended both major and emerging markets. In addition, he has levied reciprocal duties on India and other countries.
India’s stock markets collapsed on Monday as a result of Donald Trump’s tariff battle, with the benchmark Sensex plunging 2,226.79 points. The 30-share BSE Sensex saw its third day of loss, plunging 2,226.79 points, or 2.95 percent, to close at 73,137.90. The index fell 3,939.68 points, or 5.22 percent, to 71,425.01 over the day.
At 22,161.60, the NSE Nifty fell 742.85 points, or 3.24 percent. The benchmark fell 1,160.8 points, or 5.06 percent, to 21,743.65, during the day. The Shanghai SSE Composite index fell more than 7%, Tokyo’s Nikkei 225 fell almost 8%, South Korea’s Kospi fell more than 5%, and Hong Kong’s Hang Seng index fell more than 13% in Asian markets.
European markets, too, came under heavy selling pressure and were trading with up to a 6 per cent decline. Meanwhile, in a separate remark in Patna, Gandhi blamed Trump for the crash. “The US president has led to a tumble in the stock market. Less than 1 per cent of the people here have their money invested in the stock market, which means the stock market is not a field for you. Unlimited money is made in it, but you don’t get the benefit of it,” the Lok Sabha LoP said.
