Trump blew lid off phantasm, Modi nowhere to be seen, says Rahul Gandhi as bourses plunge over tariff turmoil
President Donald Trump has “blown the lid off the phantasm” and Prime Minister Narendra Modi is “nowhere to be seen”, Congress Rahul Gandhi mentioned on Monday as inventory markets continued to reel underneath the impact of US reciprocal tariffs.
The Chief of Opposition within the Lok Sabha mentioned India has to just accept the truth and has no alternative however to construct a resilient, production-based financial system that works for all Indians.
The Congress has been attacking the federal government over its dealing with of the financial system, claiming the problems of rising costs, lowering personal funding and stagnating wages have been hitting the widespread individuals laborious.
Earlier this month, the opposition get together flagged a decade-long actual revenue stagnation, a consumption increase completely pushed by the enlargement of credit score and deepening inequality because the three threats to the financial system, and puzzled what would it not take for Prime Minister Narendra Modi to listen to them.
“Trump has blown the lid off the phantasm. Actuality is biting again. PM Modi is nowhere to be seen,” Gandhi mentioned in a put up on X.
“India has to just accept actuality. We have now no alternative however to construct a resilient, production-based financial system that works for all Indians,” the previous Congress president mentioned.
Inventory markets crumbled in India on Monday with benchmark Sensex sinking by 2,226.79 factors – its steepest single-day decline in 10 months.
In Asian markets, Hong Kong’s Grasp Seng index tanked greater than 13 per cent, Tokyo’s Nikkei 225 plunged almost 8 per cent, the Shanghai SSE Composite index dropped over 7 per cent and South Korea’s Kospi sank over 5 per cent.
European markets too got here underneath heavy promoting stress and have been buying and selling with as much as a 6 per cent decline.
US markets ended sharply decrease on Friday. The S&P 500 dropped 5.97 per cent, the Nasdaq composite slumped 5.82 per cent and the Dow tumbled 5.50 per cent on Friday.
