‘Reality is biting back’: Rahul Gandhi targets PM Modi after stock markets crash amid Trump tariff turmoil

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 last week announced reciprocal tariffs on various trading partners of the US, including India. Following the announcements, China announced retaliatory tariffs, matching the US reciprocal tariff rate of 34 per cent, triggering fears of a full-blown trade war.

India, meanwhile, faces a 26 per cent hike in tariffs. A 10 per cent minimum tariff came into effect from April 5 on all imports entering the US.

The Sensex and Nifty crashed over 5 per cent on Monday, mirroring a sharp fall in global equities. The BSE’s 30-share Sensex plunged 5.19 per cent, or 3,914 points, to open at 71,449.94. The broader Nifty tumbled 5 per cent, or 1,146.05, to open at 21,758.4. This is the biggest single-day fall in almost 10 months.

Jairam Ramesh, Congress general secretary in charge for communications, took a swipe at the prime minister, stating that both Trump and Modi are experts in causing “self-inflicted wounds” to their respective countries’ economies.

“It is no wonder that Mr. Modi and Mr. Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds,” he wrote on X. “November 8, 2016 was demonetisation. April 2, 2025 was the bizarre reciprocal tariffs. Markets are reacting predictably in a tariffying manner.”

TMC MP Sagarika Ghose also took a dig at the government and Modi saying that while there was a “bloodbath in the markets”, the prime minister “was looking for God in South India”.

“Bloodbath in the markets. BSE Sensex plunges over 3,200 points, Nifty50 below 21,900. Meanwhile Narendra ModiJi looking for God in South India Piyush Goyal Ji abusing start-ups, FMJi explaining difference between salted & caramel popcorn.Achche Din,” the Rajya Sabha member wrote on the social media platform.