Mr Jain said India's economy is thriving because of structural reforms
Citing a report to back up his statements, a BJP leader and managing partner of a law firm has strongly countered Leader of the Opposition Rahul Gandhi's claim on "monopolisation" in India and said the country is becoming a premier global investment destination under Prime Minister Narendra Modi.
In a series of posts on X on Saturday, Hitesh Jain, Managing Partner, Parinam Law Associates and BJP Mumbai Vice President said a report by Motilal Oswal has provided concrete evidence of structural growth in India across all sectors, from startups to mega corporations, in the last decade. Making a mention of "relentless attacks" by Congress MP Rahul Gandhi and "Hindenburg's critical reports", he said India's economy is thriving because of structural reforms.
"Amidst relentless attacks by Rahul Gandhi and Hindenburg's critical reports, here is concrete evidence of India's structural growth across all sectors-from small startups to large conglomerates in the last decade. This isn't a tale of monopoly; it's the story of a nation becoming a premier global investment destination. A Viksit (developed) Bharat by 2047 isn't just a vision - it's a path we're already on, empowering businesses of all sizes and shaping India's future," Mr Jain wrote.
"Further, this report disproves Rahul Gandhi's claims of 'monopolisation' by highlighting the inclusive growth across sectors-from startups to large caps. India's economy is thriving due to structural reforms, creating a vibrant ecosystem for businesses of all sizes," he added.
Posting portions of the report as well as charts from it, the BJP leader said stable macro conditions in India, robust foundations and a thriving entrepreneurial ecosystem have contributed to high-quality growth and that the country is emerging as a powerful alternative on the global stage with several countries embracing the China+1 strategy.
"This combination of size, growth, and diversity is unmatched globally," he wrote.
Mr Jain said while investors were concerned in the 2010s about the "limited investible universe of Indian equities", there has been a huge transformation in the past five years. He also cited high-growth stocks like HDFC to state that Indian equities have a promising future in terms of attracting global capital.
"India now has 11 mega-sized companies with a market cap over INR5 trillion, compared to zero in 2014. With a surge in mid- and large-cap firms, the equity market is packed with potential giants," he said.
Emphasising that India is now the second-highest emerging market in terms of market capitalisation, Mr Jain said the country has seen a decade of astounding growth.
"Nifty-50, Nifty Midcap100, Nifty Smallcap100, and Nifty-500 have seen massive gains in the past decade, with market caps growing by 4.3x, 5.4x, 8.1x, and 5.8x, respectively. India's equity indices are on an impressive rally," he wrote.