Market Volatility: Congress Promises Prosperity, And Stable, Predictable Policymaking
Congress released a statement regarding the increasing market volatility of the last few weeks and assured the investors that there is “no need for the fear-mongering that the Home Minister is inciting”. The party has also said the INDIA Coalition is coming to power, and it shall herald a new age of stable, predictable policymaking and overall prosperity. The party”s general secretary in charge of communication Jairam Ramesh shared the statement on his official social media handle.
The grand old party”s statement came after Home Minister Amit Shah, in an interview with a TV channel, said the stock market should not be linked with elections, but a stable government does help it perform better. The Home Minister had also suggested that the market will grow after June 4, when the BJP and its allies emerge victorious in the Lok Sabha elections.
With the general elections underway, the Indian market has experienced significant volatility over the past month. This market turbulence is characterized by a mix of nervousness and fatigue, heightening discussions about potential election outcomes and their impact on the economy, especially in the absence of a clear narrative.
Sharing the statement on his social media platform X today, the Congress Rajya Sabha MP said that there is no need for the fear-mongering that the Home Minister is inciting. “The INDIA Coalition is coming to power, and it shall herald a new age of stable, predictable policymaking and overall prosperity,” he said.
The Congress Thiruvananthapuram MP Shashi Tharoor also expressed his party”s commitment to predictable and transparent economic and fiscal policies. He said that as a member of the party”s manifesto committee, he was proud to confirm the Congress” commitment to economic growth and social justice. He also vowed an end to tax terrorism, noting that it was driving wealth creators away from India, in a post on X.
Hear hear. As a member of the @incIndia Manifesto Committee I am proud to confirm our party’s commitment to economic growth with social justice, an end to tax terrorism that is driving wealth creators away from India, and a commitment to predictable and transparent economic and… https://t.co/89wWkVQsE1
— Shashi Tharoor (@ShashiTharoor) May 19, 2024
In the statement, the Congress general secretary said that there is no basis in the fear-mongering, incited by the Home Minister about the Congress-led INDIA government in financial market, adding that the record of the Congress party speaks for itself.
“It is a matter of record that economic growth and investment were much higher under Dr. Manmohan Singh than under the Modi government. Private investment and the share of manufacturing as a percentage were much greater under Dr. Singh than in the past decade,” he said.
The Congress leader then accused the BJP government”s policies, such as demonetisation, GST, and an ill-planned lockdown, as self-inflicted policy blunders, attributing to the decline in the last ten years.
The Rajya Sabha MP further alleged that the the atmosphere of fear and uncertainty brought by the Modi government drew the wealth creators away from India to places such as Dubai, London, and Singapore,
The most important contribution of the INDIA government in these times will be to remove the current environment of distrust and fear, and create a healthy ecosystem where private enterprises, regulatory authorities, tax authorities and government will work in a spirit of mutual cooperation and respect, as we wrote in our Nyay Patra manifesto, he said.
“We also stated that “regulatory oversight will be based on clearly enunciated laws and rules that will be applied fairly and without discrimination”. This is a complete contrast with the Modi government”s “vindictive and arbitrary approach whose main goal has been to extort funds, suppress competition against a favoured few and eliminate all freedom in decision-making”, Ramesh said.
The Congress leader further said that the party”s manifesto promises to implement a clear, transparent and predictable tax regime. “We will replace the current GST with a GST 2.0 that will be a single, moderate rate (with a few exceptions). We will enact a Direct Taxes Code and maintain stable personal income tax rates throughout the next five years. We will eliminate “Angel tax” and all other exploitative tax schemes that inhibit investment in new micro, small companies and innovative start-ups,” he said.
Jairam Ramesh also talked about the other announcement in the manifesto including price rise, jobs, wages, among others .
