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Congress leader Jairam Ramesh responds to Home Minister Amit Shah’s remark ‘buy stocks before June 4’

Congress leader Jairam Ramesh responded to Union Minister Amit Shah’s comments on the future of the stock market. Accusing Shah of raising baseless fears about the Indian government’s impact on financial markets, Ramesh said: “There is no basis for the fear campaign, incited by the outgoing Home Minister , about the Indian government on financial markets. by providing strong and inclusive economic growth speaks for itself.

Ramesh compared the economic performance under the leadership of former Prime Minister Manmohan Singh with that of the current Modi government, highlighting superior growth and investment during Singh’s tenure. “Economic growth and investment were much higher under Dr Manmohan Singh than under the Modi government. Private investment and percentage share of manufacturing were much higher under Dr Singh than in the last decade “, he noted. Ramesh blamed the economic disruption on policies such as demonetisation, GST and the poorly planned lockdown, as well as a climate of fear and uncertainty which he said had driven wealth creators abroad.

Outlining the Indian government’s economic agenda, Ramesh highlighted the need to restore trust and cooperation between private businesses and regulatory authorities. “Our most important contribution will be to eliminate the current environment of distrust and fear and create a healthy ecosystem where private companies, regulators, tax authorities and government work in a spirit of cooperation and respect mutual,” he said. He highlighted the commitment to fair and consistent regulatory oversight, as detailed in the party’s Nyay Patra manifesto.
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Ramesh also promised a clear, transparent and predictable tax regime, including the introduction of a reformed GST system and stable personal income tax rates. “We will eliminate the “angel tax” and all other abusive tax systems that hinder investment in new microenterprises, small businesses and innovative start-ups,” he promised.

The Congress leader highlighted the party’s historic fiscal responsibility, citing a fiscal deficit of 4.5% of GDP at the end of Singh’s term, compared to 5.8% under the Modi government in 2023-24.

His remark comes days after Home Minister Amit Shah’s comment on the Indian stock market in an interview with NDTV. Reacting to the recent corrections in the financial market, Shah said: “Stock market crashes should not be linked to elections, but even if such a rumor has spread, I suggest you buy (stocks) before June 4.” It will skyrocket. “

Shah said a stable government, such as the one led by Narendra Modi, would help the market function better. “Whenever there is a stable government, the markets do well. That’s why I say we will get more than 400 seats and a stable Modi government will be in power. Therefore, the stock market will definitely increase,” he said.

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