Overseas investors sold $ 4.50 billion in stock market since June this year

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New delhi date. September 17, 2019, Tuesday

With the hope that the Modi government will change the economy of India's economy, international money managers who have invested $ 4 billion in Indian stock markets in the last five years seem to be breaking their illusion and are withdrawing their money from Indian stock markets at a rapid pace. Is.

Since June of this year, foreign investors have sold $ 1.8 billion worth of stocks, which is likely to be the biggest quarterly sell-off since 3. Massive sales have been seen in the months since Modi came to power for the second time.

"The magic that Modi had raised earlier is gone," a foreign fund manager said. It is difficult to blame investors for losing faith. The economic growth rate of the country has declined in the last seven quarters and the growth rate of June quarter was the lowest since the beginning of the first quarter. That is, the rate seen one year before Modi became Prime Minister has been observed every quarter.

The economic growth rate was 5 percent in the June quarter, which is indicative of how painful India's economic condition is. Car sales are declining at a fast pace, capital investment is at the bottom and unemployment levels are at a three-year high. The country's banking system is also undergoing a serious problem of bad loans.

The sudden rise in oil prices that is incomplete has made the situation worse, said one analyst. Modi does not sit idle but does not see the speed he needs in economic recovery. In particular, the government has a slow pace in selling the stake in government undertakings and amending labor laws.

The major concern is that India is moving towards a structural slowdown that will have a direct impact on the country's $ 2 trillion stock market.

Despite recent outflows, foreign investors have been net buyers of $ 5.5 billion in Indian stock markets in the current year, the largest buy after China in Asian markets. Structural reforms have become essential to accelerate India's economic growth, the analyst added.

Although many of India's problems were before Modi came to power, his critics believe that Modi's method of resolving these problems was disappointing.

The decision on demonetization and implementation of GST in the 5th has also been claimed to be unfavorable for the country's economic growth rate.


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