As has become the norm for the last six years or so, those who dislike Prime Minister Narendra Modi blame him and his BJP-led NDA government for everything that goes wrong in India. Therefore, he is being blamed across the country for causing the huge fall in the Indian stock markets.
The chart embedded in this post tells a completely different story. It shows which major world markets have seen the steepest decline in the last two months.
Prices for USA, UK, France and Germany were as of 11:00 pm, as those markets had not closed when I started writing this post.
Of the 17 countries in this chart, 10 countries were worse off than India, while 6 were better off. Off those 6, China and Hong Kong are big surprises. It may not come as a surprise to you that many restrictions have been imposed on the Chinese market to control it from a much higher fall.
With a fall of 27.4%, India’s NIFTY is better off than the “mean” fall of 28.3% as well as the “median” fall of 29.2%. The markets of Brazil and Italy have fallen more than 30% more than India, while those in France and Germany have fallen more than 25%. Go ahead, blame Modi for this too!!!