11 September,2026 11:43 AM IST | Mumbai | mid-day online correspondent
Shiv Sena UBT has questioned the Centre`s economic narrative over GDP growth and market performance. File pic
The Shiv Sena (Uddhav Balasaheb Thackeray) on Friday criticised the BJP-led Central government over the contrasting trends of India's reported 7.8 per cent GDP growth and the decline in the domestic stock market, along with continued foreign capital outflows.
In an editorial published in the party mouthpiece Saamana, the Uddhav Thackeray-led faction questioned whether the government's claims of strong economic growth were reflected in the financial markets and the lives of ordinary citizens.
The editorial said the Indian stock market had continued to decline, wiping out lakhs of crores of rupees in investor wealth.
It noted that the Sensex fell below the 75,000-mark for the third consecutive session on Wednesday, resulting in an estimated loss of Rs 4 lakh crore for investors. The Nifty, meanwhile, touched a three-month low, the editorial said.
The party acknowledged that the government could attribute the market weakness to international developments, including the escalating US-Iran conflict, crude oil prices crossing $100 per barrel and a sell-off in US government bonds. However, it argued that these factors could not fully explain a decline that had continued for several weeks.
The Shiv Sena UBT also questioned the confidence of foreign investors in the government's economic growth figures.
Citing National Securities Depository Limited (NSDL) data, the editorial claimed that foreign institutional investors had withdrawn more than Rs 6,000 crore over the preceding ten days. It further stated that foreign investors pulled out Rs 7,500 crore during the first four days of September.
According to the editorial, total foreign capital outflows during the current year have reached Rs 2.32 lakh crore, which it said was Rs 1.66 lakh crore higher than the corresponding outflows recorded in 2025.
The party argued that the reported GDP growth had not translated into an improvement in several indicators affecting ordinary citizens.
The 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 government's free foodgrain distribution scheme.
"This is Modi's model of development", the party said while questioning the government's economic narrative.
The editorial also questioned Prime Minister Narendra Modi's 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 money.
"As much as Modi inflates the GDP growth figure, the numbers for common people's 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 said.
The 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 pressure.
(With inputs from IANS)
