Jairam Ramesh
As financial markets fell on Tuesday after the trends of the Lok Sabha poll results showed that the BJP will not win a majority on its own, the Congress said that the markets were given an artificial booster dose by the exit polls and had since turned tumultuous.
The Congress also remembered former prime minister Manmohan Singh’s 2004 statement that the party is committed to an orderly and healthy growth of the financial markets that reflect the fundamentals of the economy.
Congress general secretary Jairam Ramesh stated that the party-led United Progressive Alliance (UPA) government provided a fear-free and intimidation-free environment for the private sector from 2004 to 2014, allowing the country to achieve its best GDP growth.
Jairam Ramesh tweeted, “Financial markets that were given an artificial booster dose by the exit polls are turbulent today. In this context, it is wise to recall the words of Dr. Manmohan Singh on May 17th, 2004, the last occasion on which the markets were faced with the prospect of such regime change”, through his official ‘X’ handle.
Financial markets that were given an artificial booster dose by the exit polls are turbulent today. In this context, it is wise to recall the words of Dr. Manmohan Singh on May 17th 2004, the last occasion on which the markets were faced with prospect of such regime change -…
— Jairam Ramesh (@Jairam_Ramesh) June 4, 2024
Ramesh went on to say “There is absolutely no need for panic in the market. Very soon the alliance will unveil its CMP. The CMP will demonstrate the commitment of the United Progressive Alliance to fiscal discipline, realistic growth-oriented tax policies, control of unproductive and wasteful public expenditure, and increased emphasis on agricultural growth, education, health, food security, and social security in the context of a fast-growing economy that is integrating with the world as well”.
“The Congress is committed to the orderly and healthy development of the financial markets that reflect the fundamentals of the economy. Our tax policies and foreign direct investment regime will be pro-growth and will create an environment favorable for both Indian and foreign enterprises”, Ramesh continued.
Ramesh noted, “2004 marked a fear-free and intimidation-free decade for the private sector — a decade of the highest GDP growth India has ever seen, along with the highest private investment as a share of GDP”.
Early trends of the Lok Sabha election results on Tuesday showed negative results for the BJP-led NDA, which appears to be losing ground in its strongholds of Uttar Pradesh, Haryana, and Rajasthan, despite the fact that it is likely to form the government with approximately 290 seats.
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