Mumbai, Sep 11 (IANS) The Shiv Sena Uddhav Balasaheb Thackeray on Friday hit out at the BJP-led Central government, questioning the stark contradiction between the much-touted 7.8 per cent GDP growth rate and the steep decline in the Indian stock market alongside relentless foreign capital outflows.

The party, in an editorial in its mouthpiece, ‘Saamana’, said, “This is Modi’s model of development”, blaming the government for the stock market crash, capital flight and inflation.

The Thackeray camp said that under the Modi government’s rule, GDP records a peak growth of 7.8 per cent, but neither does the stock market move up, nor do investor gains increase, nor does inflation reduce, nor does the number of poor families under the government’s “free” foodgrain scheme diminish. “As much as Modi inflates the GDP growth figure, the numbers for common people’s losses in the stock market, foreign investment withdrawals, inflation, and price hikes continue to swell just as much. The current state of the nation is that the GDP grew, and the Indian market collapsed,” it said.

The editorial said the Indian share market continued its downward spiral, wiping out lakhs of crores in investor wealth.

On Wednesday, the Sensex crashed below the 75,000 mark for the third consecutive session, causing a loss of Rs 4 lakh crore to investors. Simultaneously, the Nifty hit a three-month low, it added. “While the government may attribute the crash to global factors — such as the escalating US-Iran conflict, crude oil prices surging past $100 per barrel, and a sell-off in US government bond markets — the editorial remarked that these are mere temporary excuses, highlighting that market weakness has persisted for weeks,” the editorial said.

The editorial further stated that Foreign Institutional Investors (FIIs) show no confidence in the “booming GDP” numbers. According to National Securities Depository Limited (NSDL) data, FIIs pulled out over Rs 6,000 crore in just the last ten days. In the first four days of September alone, foreign investors withdrew Rs 7,500 crore. Total foreign capital outflows for the current year have reached a staggering Rs 2.32 lakh crore, which is Rs 1.66 lakh crore higher than the outflows recorded in 2025, added the editorial.

The Uddhav Thackeray-led Shiv Sena pointed out that despite the claimed “dynamic momentum” of the economy, key ground-level indicators remain grim. “Thousands of crores in contractor dues remain unpaid. Essential inflation and commodity prices continue to skyrocket. The number of poor families relying on the government’s free foodgrain distribution scheme shows no signs of reducing,” it commented.

“While blowing the trumpet of GDP growth, PM Modi claimed the Indian economy had become ‘dynamic.’ Where has that dynamism disappeared in the stock market? Why have foreign investors become so ‘dynamic’ in pulling their money out of India?” asked the editorial.

The Thackeray camp claimed that the country currently finds itself in a bizarre situation where the GDP rises on paper, but the Indian market collapses in reality. “As the government inflates GDP statistics, the figures for ordinary investors’ losses, foreign capital flight, and surging inflation continue to inflate at the same pace. This is Modi’s version of development!” it noted.

–IANS

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