Shiv Sena UBT targets Centre over GDP growth, market crash and FII outflows

The Shiv Sena Uddhav Balasaheb Thackeray on Friday criticised the BJPled Central government over the contrasting trends of Indias reported 78 per cent GDP growth and the decline in the domestic stock market along with continued foreign capital outflowsIn an editorial published in the party mouthpiece Saamana the Uddhav Thackerayled faction questioned whether the governments claims of strong economic growth were reflected in the financial markets and the lives of ordinary citizensParty questions market performanceThe editorial said the Indian stock market had continued to decline wiping out lakhs of crores of rupees in investor wealthIt noted that the Sensex fell below the 75000mark for the third consecutive session on Wednesday resulting in an estimated loss of Rs 4 lakh crore for investors The Nifty meanwhile touched a threemonth low the editorial saidThe party acknowledged that the government could attribute the market weakness to international developments including the escalating USIran conflict crude oil prices crossing 100 per barrel and a selloff in US government bonds However it argued that these factors could not fully explain a decline that had continued for several weeksFocus on foreign investor withdrawalsThe Shiv Sena UBT also questioned the confidence of foreign investors in the governments economic growth figuresCiting National Securities Depository Limited NSDL data the editorial claimed that foreign institutional investors had withdrawn more than Rs 6000 crore over the preceding ten days It further stated that foreign investors pulled out Rs 7500 crore during the first four days of SeptemberAccording to the editorial total foreign capital outflows during the current year have reached Rs 232 lakh crore which it said was Rs 166 lakh crore higher than the corresponding outflows recorded in 2025lsquoThis is Modirsquos model of developmentrsquoThe party argued that the reported GDP growth had not translated into an improvement in several indicators affecting ordinary citizensThe editorial pointed to unpaid dues to contractors rising prices of essential commodities and inflation as well as the continued dependence of poor families on the governments free foodgrain distribution schemeThis is Modis model of development the party said while questioning the governments economic narrativeThe editorial also questioned Prime Minister Narendra Modis description of the Indian economy as dynamic asking why the same dynamism was not visible in the stock market and why foreign investors were withdrawing moneyAs much as Modi inflates the GDP growth figure the numbers for common peoples 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 saidThe Shiv Sena UBT concluded that the country was witnessing a situation where GDP figures were rising while the stock market and other indicators highlighted by the party remained under pressureWith inputs from IANS