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Business News/ Markets / Stock Markets/  Nirmala Sitharaman predicts ‘solid bulls market’ after June 4 Lok Sabha poll result, cites S&P's rating upgrade: Report

Nirmala Sitharaman predicts ‘solid bulls market’ after June 4 Lok Sabha poll result, cites S&P's rating upgrade: Report

Nirmala Sitharaman says S&P Global's upgrade of India's rating from ‘stable’ to ‘positive’ is a “good omen” for the economy.

Union Finance Minister Nirmala Sitharaman. (PTI)Premium
Union Finance Minister Nirmala Sitharaman. (PTI)

The Indian stock market will be a “solid bulls market" after the Lok Sabha elections 2024 results are declared on June 4 as a “good result" is coming for the Bharatiya Janata Party (BJP), Union Finance Minister Nirmala Sitharaman said in an interview with CNN-News18.

Sitharaman also said that S&P Global's rating upgrade of India from ‘stable’ to ‘positive’ is a “good omen" for the Indian economy.

ALSO READ: Sitharaman dismisses concerns of low turnout in early phases of Lok Sabha polls

“Undoubtedly, it’s a big good omen (S&P upgrade) for Prime Minister Narendra Modi, for the country, for the economy. The reasons they put out more than clearly explain why an economy needs visionary leadership… a leadership which takes care of inclusion, and at the same time, keeps fiscal prudence, makes sure that expenditure goes for asset creation and not for revenue expenditure which can sometimes be good but not at that scale," Sitharaman told CNN-News18.

Emphasising that PM Modi had focussed on spending more money on infrastructure, the finance minister said: “S&P themselves have said as a justification to why they have changed the grade and also have shown that in 24 months there is every chance of us being given a better grade."

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Exuding confidence that a good result is coming for the BJP, Sitharaman said: “It will indicate stability, and that will mean good message for the stock market… and therefore it can really go up… it will be a solid bulls market then."

Further, she said that when there is no single majority government in place, uncertainty is highly likely.

“Indian people have seen in last two elections that giving single majority for Prime Minister Modi… and, as a result a stable government is in place … which gives predictable policy, predictable and consistent tracks, framework… all these matter to the stock market," the finance minister added.

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Published: 30 May 2024, 06:00 PM IST
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