Congress blames PM Modi for 'tariffying' market crash, draws parallel with Trump over economic policies

Congress slams PM Modi over massive market crash, blames tariff moves and likens his economic policies to Donald Trump’s.

The Congress on Monday took a jibe at Prime Minister Narendra Modi following a sharp crash in the stock market, comparing him to former US President Donald Trump and accusing both leaders of delivering "self-inflicted wounds" to their respective economies. The party remarked that the markets were reacting in a predictably "tariffying" manner.

Stock market benchmark indices plummeted in early trade on Monday, tracking a global selloff triggered by Trump's tariff hikes and China’s retaliatory measures, stoking fears of a full-blown trade war that could hamper global economic growth.

The BSE Sensex nosedived 3,939.68 points, or 5.22%, to 71,425.01, while the NSE Nifty sank 1,160.8 points, or 5.06%, to 21,743.65.

In a post on X, Congress general secretary in-charge communications Jairam Ramesh said, "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."

"November 8, 2016 was demonetisation. April 2, 2025 was the bizarre reciprocal tariffs. Markets are reacting predictably in a tariffying manner," Ramesh said.

All Sensex-listed companies were trading in the red, with Tata Steel leading the slump with a fall of over 8 per cent, followed by Tata Motors, which dropped more than 7 per cent. Other major losers included HCL Technologies, Tech Mahindra, Infosys, Larsen & Toubro, Tata Consultancy Services, and Reliance Industries.

Asian markets also witnessed a bloodbath. Hong Kong’s Hang Seng index tanked nearly 11 per cent, Japan’s Nikkei 225 plunged almost 7 per cent, Shanghai’s SSE Composite dropped over 6 per cent, and South Korea’s Kospi fell by 5 per cent.

US markets had closed sharply lower on Friday as well. The S&P 500 crashed 5.97 per cent, the Nasdaq Composite slipped 5.82 per cent, and the Dow Jones Industrial Average tumbled 5.50 per cent.