Following a steep fall in stock markets, the Congress criticised PM Modi, comparing his economic decisions to Donald Trump’s and terming the market’s reaction “tariffying”. The drop follows global concerns over reciprocal tariffs and trade wars
Jairam Ramesh. File Pic
The Congress party on Monday launched a sharp jibe at Prime Minister Narendra Modi in light of the dramatic stock market crash, drawing a parallel between him and former US President Donald Trump. The Opposition party alleged that both leaders were adept at inflicting economic harm through misguided policies, and described the market reaction as "tariffying", according to PTI reports.
Markets tumbled steeply at the start of the trading day, with the BSE Sensex plunging 3,939.68 points – a fall of 5.22 per cent – to 71,425.01. Simultaneously, the NSE Nifty declined by 1,160.8 points or 5.06 per cent to settle at 21,743.65. The crash was triggered by escalating global tensions after Trump's newly announced tariff hikes met with swift retaliatory measures from China, fuelling investor fears of a full-scale trade war and its likely impact on international economic growth.
As per PTI, Congress General Secretary in-charge of Communications, Jairam Ramesh, criticised the Modi-led government’s handling of economic policy. Taking to social media platform X, Ramesh remarked, "It is no wonder that Mr Modi and Mr Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds."
It is no wonder that Mr. Modi and Mr. Trump describe themselves as good friends.
— Jairam Ramesh (@Jairam_Ramesh) April 7, 2025
Both are experts in giving their economies self-inflicted wounds.
Nov 8, 2016 was demonetisation.
April 2, 2025 was the bizarre reciprocal tariffs.
Markets are reacting predictably in a…
Highlighting significant economic decisions in recent history, Ramesh added, "November 8, 2016 was demonetisation. April 2, 2025 was the bizarre reciprocal tariffs. Markets are reacting predictably in a tariffying manner."
According to PTI, all 30 companies on the BSE Sensex were trading in negative territory. Tata Steel witnessed the sharpest decline, shedding over 8 per cent, while Tata Motors fell by more than 7 per cent. Other major losers included HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services and Reliance Industries.
The bloodbath was not limited to Indian indices. Asian markets also reeled under the pressure, with Hong Kong's Hang Seng plunging nearly 11 per cent. Tokyo’s Nikkei 225 dropped close to 7 per cent, Shanghai’s SSE Composite fell over 6 per cent, and South Korea’s Kospi index sank by 5 per cent.
US markets had set the tone on Friday, ending sharply lower. The S&P 500 recorded a 5.97 per cent drop, the Nasdaq composite lost 5.82 per cent, and the Dow Jones Industrial Average tumbled 5.50 per cent.
(With inputs from PTI)
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
