Rahul Gandhi, the leader of the opposition, claimed that Prime Minister Narendra Modi “is nowhere to be seen” while US President Donald Trump “has blown the lid off the illusion” as Indian stock markets fell 5% on Monday.
“Trump has blown the lid off the illusion. Reality is biting back. PM Modi is nowhere to be seen,” the Congress MP wrote on X.
Gandhi said that “India has to accept reality” and has “no choice but to build a resilient, production-based economy that works for all Indians”.
Trump has blown the lid off the illusion. Reality is biting back. PM Modi is nowhere to be seen.
— Rahul Gandhi (@RahulGandhi) April 7, 2025
India has to accept reality. We have no choice but to build a resilient, production-based economy that works for all Indians.
Trump declared reciprocal duties on India and other US trading partners last week. Fears of a full-scale trade war were sparked by China’s announcement of retaliatory tariffs in response to the news, which matched the US reciprocal tariff rate of 34%.
In contrast, India would see a 26% increase in rates. Starting on April 5, all imports into the US were subject to a minimum 10% duty.
On Monday, the Sensex and Nifty plummeted by more than 5%, reflecting a precipitous decline in global stocks. The 30-share Sensex of the BSE opened at 71,449.94, down 5.19 percent, or 3,914 points. The wider Nifty opened at 21,758.4, down 5%, or 1,146.05, from its opening position. This is the largest one-day decline in over a decade.
Congress general secretary in charge of communications Jairam Ramesh attacked the prime minister, saying that both Trump and Modi are skilled at inflicting “self-inflicted wounds” on the economies of their respective nations.
“It is understandable why Mr. Trump and Mr. Modi call themselves close friends. Both are skilled at causing self-harm to their economies,” he wrote on X. The demonetization date was November 8, 2016. It was the strange reciprocal tariffs on April 2, 2025. The markets are responding in a tariffing fashion in a predictable way.
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