As India reels from a stock market crash that wiped out ₹94 lakh crore in investor wealth, the Aam Aadmi Party (AAP) has called out Prime Minister Narendra Modi and the BJP. Senior AAP leader and Rajya Sabha MP Sanjay Singh pointed out that PM Modi is detached from the country’s economic crisis, stating that while the economy is in the ICU, the Prime Minister is busy with photo shoots.
Sanjay Singh reminded voters that ahead of the Lok Sabha elections, PM Modi and Amit Shah had promised a soaring stock market post-June 4, urging people to invest—only for them to suffer massive losses. With record unemployment, a plunging rupee, and a national debt of ₹200 lakh crore, AAP has vowed to raise these issues in Parliament, while questioning the BJP’s silence on the financial turmoil.
Senior AAP leader and Rajya Sabha MP Sanjay Singh, along with party’s National Spokesperson Jasmine Shah, held a press conference at the party headquarters, raising serious concerns over the continuously falling stock market and the deteriorating state of the Indian economy.
Sanjay Singh stated, “The economic situation of the country is extremely alarming. It would not be wrong to say that India’s economy is currently in the ICU. Under Modi’s rule, India is burdened with ₹200 lakh crore in debt, and the country is facing its worst unemployment crisis in 50 years. When the BJP government came to power under Narendra Modi in 2014, the exchange rate was ₹60 per US dollar, but today, it has fallen to ₹87.”
The AAP Rajya Sabha MP further added that in 2014, PM Modi himself said that when the rupee depreciates, India’s reputation suffers. Over the last ten years of Modi’s rule, the rupee has continued to decline, and today it has fallen from ₹60 to ₹87 per US dollar. Over the past four years, India’s GDP growth has been at its lowest, currently standing at 6.4%.”
He also pointed out the disastrous state of the stock market, which has been consistently declining over the past five months. “Before the 2024 elections, the Prime Minister urged people to invest in the stock market, promising that after June 4, India’s economy would soar. Trusting his words, people invested their savings in the market. However, since then, the stock market has continued to fall, wiping out ₹94 lakh crore of public wealth. Yet, the Prime Minister refuses to utter a word or take responsibility,” stated the AAP MP.
Highlighting the Modi government’s financial mismanagement, Sanjay Singh said, “Millions of Indians are repeatedly deceived. Hard-earned money deposited in banks and invested in stocks is being looted. The Prime Minister has already waived ₹16 lakh crore in loans for his select friends.”
“This is not BJP or RSS’s money—it belongs to the common people of this country. Farmers, laborers, employees, mothers, and sisters deposit their money in banks to earn interest for future needs, but Modi has recklessly handed over ₹16 lakh crore of public funds to his close associates,” asserted Sanjay Singh.
The AAP Rajya Sabha further pointed out that PM Modi’s friends had embezzled public funds and diverted them to offshore entities in Mauritius and other countries. He remarked, “When action was demanded against them, the Prime Minister told his friends to flee India. As a result, businessmen like Nirav Modi, Vijay Mallya, and Mehul Choksi escaped, leaving the common people’s money lost forever.”
“Public savings are vanishing from banks, stock market investments are being wiped out, and the government is imposing excessive taxes on essential commodities. Under PM Modi’s rule, India has broken a 100-year record in economic inequality. The disparity seen today is similar to that during British colonial rule,” he affirmed.
Addressing economic distress, Sanjay Singh stated, “Today, 100 crore Indians do not have any disposable income beyond essential expenses. The government itself acknowledges that 81 crore people cannot afford 5 kg of food grains and are reliant on ration distribution. Yet, BJP leaders who encouraged people to invest in stocks are now silent. They have abandoned the people, leaving them to suffer unemployment, inflation, debt, and farmer suicides.”
The AAP MP asserted that the economy is in dire straits. It is time to raise our voices against this sinking economy. In the upcoming Parliament session, AAP will raise issues of inflation, debt, stock market collapse, and economic disparity.
Providing a statistical overview, Sanjay Singh highlighted that vegetable prices have surged in the past year—tomatoes by 247%, potatoes by 180%, and ginger by 128%. “While vegetable prices are skyrocketing, the government is even taxing popcorn. The Prime Minister must answer why public savings were looted, why stock market wealth was destroyed, and why foreign investors are losing confidence in India,” asserted the AAP MP.
“The reckless misuse of ED and CBI has created an environment where no one wants to invest in India. Investors do not trust the economy because they do not trust the Prime Minister,” asserted Sanjay Singh.
Meanwhile, AAP National Spokesperson Jasmine Shah also spoke on the stock market crash, stating, “India’s common investors have lost ₹94 lakh crore in the stock market. The Bombay Stock Exchange (BSE) Sensex has fallen by nearly 15%, marking a 30-year record in just five months. One cannot even imagine the impact this has had on ordinary families across the country.”
Jasmine Shah further added that there are 12 crore investors in the stock market, out of which 11 crore are retail investors—essentially the common people. The biggest impact of this massive stock market decline is being felt by these small investors. It is therefore a very legitimate question: Who is responsible for this collapse?
The AAP National Spokesperson pointed out, stating, “What is shocking is that while the stock market is in turmoil, Prime Minister Narendra Modi is busy doing photoshoots with lions. He does not seem concerned about the plight of ordinary Indians. He should be answering the nation—what is his strategy, how will he stabilize the stock market, and how will he bring the economy back on track? It is crucial for investors to understand why this crash has occurred.”
Jasmine Shah explained that the primary reason behind this stock market decline is the consistent drop in profits of private-sector companies over the past four quarters. This is happening because there is no investment. Private sector investment in India is at a historic low. In 2014, when Modi campaigned with the slogan “Abki Baar, Modi Sarkar,” private sector investment stood at 21% of GDP. By 2024, it has shrunk to 11%.
He further added in the last 10 years, private sector investment has halved. They claimed they would make India a Vishwaguru (world leader), attracting global investors. However, in 2014, Foreign Direct Investment (FDI) contributed 1.7% to GDP, but by 2023, it had fallen to 0.8%—again, a decline by half. Today, neither domestic nor foreign investors are willing to invest in India.
Jasmine Shah asserted, “Investors are avoiding India because PM Modi has handed over the entire economy to a handful of his close associates. Investors expect a transparent legal system, a free rules of the game (market) where good products sell, and government support. However, in India, Modi is giving coal mines, ports, and airports to just one friend. If any private company performs well, they face immediate raids from the Enforcement Directorate (ED) or the Central Bureau of Investigation (CBI).”
Noting numerous examples of such incidents, the AAP National Spokesperson said, “ACC and Ambuja Cement faced government raids, and shortly after, Adani acquired them. The GVK Group was raided, and as a result, Adani took over a majority stake in GVK Airports. Mumbai Airport was also raided, and media houses have not been spared either—The Quint faced an Income Tax raid and was later acquired by Adani. Similarly, the Nellore Krishnapatnam Port was raided, and soon after, Adani took control.”
Jasmine Shah asserted that this clearly signals that in India, companies can only succeed if they align with PM Modi’s agenda. This is why investors are staying away, leading to a steady decline in India’s economy.
He highlighted that in 2015, “Make in India” was launched with great enthusiasm. However, the reality today tells a different story. In 2013, manufacturing contributed 15% to India’s GDP. Make in India promised to increase this share to 25% within a decade, yet between 2014 and 2024, manufacturing has actually declined from 15% to 13%. Despite spending thousands of crores on this scheme, the results are disastrous.
“No one trusts India as an investment destination anymore because the economy is being run at the behest of PM Modi, BJP, and RSS. Any common investor attempting to do business faces relentless threats from ED and CBI. This is the biggest reason for the stock market crash. It is evident that the government’s current economic model—where only a few favored individuals receive contracts while everyone else is sidelined—will never lead to national prosperity,” affirmed Jasmine Shah.
Jasmine Shah also pointed out that the stock market is collapsing because demand in the country has plummeted. The common people have no money left in their pocket. Jobs are scarce. The central government’s own Economic Survey states that average wages have declined over the past six years instead of rising. “This is deeply concerning, especially when the wealth of Adani and other close associates of Modi has skyrocketed. Meanwhile, ordinary Indians are struggling to make ends meet. Modi had promised 2 crore jobs, yet today he remains silent on this issue,” he added.
The AAP National Spokesperson said, “Inflation continues to rise daily, and nearly 100 crore people in India have no disposable income beyond their basic needs. The BJP-led central government is failing to create jobs, refusing to raise wages, driving investors away, and offering no answers for the stock market collapse.”
“India’s people must wake up. This is a massive failure of the Modi government. The AAP demands that PM Modi come forward and answer the nation: Why has the economy collapsed, why has the rupee depreciated, why is the stock market in shambles, and why has GDP hit its lowest level in four years? Most importantly, what is his plan to fix this crisis?” Asked Jasmine Shah in conclusion.
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