Did the stock markets not like Finance Minister Nirmala Sitharaman’s Budget? Both Sensex and Nifty witnessed a substantial plunge at the end of the day, but the Union Minister is convinced of a turnaround when the industry studies the Budget before the new week begins on Monday.
In Sitharaman’s first interview after presenting her maiden Budget, the Minister spoke to Republic TV’s Political Editor Aishwarya Kapoor and Executive Editor Abhishek Kapoor.
When asked about the markets seeing a plunge after the Budget, Sitharaman asserted that the reason for the drop could be because of the trade settlements, and not the Budget as it is being cited, “I’m looking at it as a 5-day settlement day, and people have been busy doing their settlements, (people) have not really understood. But when the budget’s actual details, the annexure to the speech of the budget, which are in the budget documents, are really studied over this weekend, Monday will see a brighter day in the stock markets. That’s my faith.”
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While the stock markets were fluctuating during the course of the Minister’s speech, it fell at the end of the day, Sensex closing at 395 points lower, at 39,513 points, and Nifty plunging 136 points to conclude the day at 11,811 levels.
Prime Minister Narendra Modi called it the 'Budget of trust and hope'.
Addressing the people on social media Prime Minister said that the Budget 2019 is "Budget For New India" and is "one of hope", adding that it will boost India's development in the 21st century. He also added that the Budget 2019 will provide a roadmap to the transformation of the agricultural sector.