Stock market has risen 4 times during PM Modi govt's tenure: Piyush Goyal

Stock market has risen four times in the last ten years during the Narendra Modi-led government's tenure, Union Minister Piyush Goyal said. He said, “Stock market during our 10-year tenure has risen four times. The Nifty was at around 5,700 when Modi government came to power. Now perhaps it has crossed 23,000-24,000.”

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"Let me tell you, this is a very merciless market. It only looks at numbers and the future... India is making rapid progress in the virtuous cycle of growth and due to this progress the stock market is moving ahead," he added.

This comes as Sensex on Thursday closed at a record high of 80,049.67 points while Nifty settled at 24,302.15 points. Piyush Goyal made the remarks during his address at an event organised by the PHD Chamber of Commerce & Industry (PHDCCI).

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He also said that Prime Minister Narendra Modi's government is ready to promote the drone industry that has seen rapid growth in the last three years. Praising the development of technology and growth in the drone industry, he asserted that development of the drone ecosystem and deploying them in villages across the nation aligns with the PM's 'NAMO Drone Didi' initiative that will help empower the women in the agriculture sector.

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The Production-Linked Incentive (PLI) Scheme for drones and drone components is a kickstarter for the sector to progress, the minister said, adding, “In the third term of the PM's administration we will work at triple the speed, ensure three times the result and hope to become the third largest economy in the world.”