Congress leader Jairam Ramesh reponds to Home Minister Amit Shah’s "buy shares before June 4" remark

Our statement on the increasing market volatility of the last few weeks. 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 pic.twitter.com/zsiPeuwbgp

— Jairam Ramesh (@Jairam_Ramesh) May 19, 2024

Congress leader Jairam Ramesh has responded to Union Minister Amit Shah's comments on the stock market's future. Accusing Shah of inciting baseless fears about the INDIA government's impact on financial markets, Ramesh said, "There is no basis to the fear-mongering, incited by the outgoing Home Minister, about the INDIA government in financial markets. The record of the Congress party in providing strong and inclusive economic growth speaks for itself."Ramesh contrasted the economic performance under former PM Manmohan Singh's leadership 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 the share of manufacturing as a percentage were much greater under Dr. Singh than in the past decade," he noted. Ramesh attributed economic disruptions to policies such as demonetisation, GST, and the poorly planned lockdown, alongside a climate of fear and uncertainty that he claimed has driven wealth creators abroad.In outlining the INDIA government's economic agenda, Ramesh emphasised the need to restore trust and cooperation between private enterprises and regulatory authorities. "Our most important contribution 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," he stated. He underscored the commitment to fair and consistent regulatory oversight as detailed in the party's Nyay Patra manifesto.Ramesh also pledged a clear, transparent, and predictable tax regime, including the introduction of a reformed GST system and stable personal income tax rates. "We will eliminate 'Angel tax' and all other exploitative tax schemes that inhibit investment in new micro, small companies, and innovative start-ups," he promised.The Congress leader highlighted the party's historical fiscal responsibility, citing a fiscal deficit of 4.5% of GDP at the end of Singh's tenure compared to the 5.8% deficit 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 correct in the financial market, Shah said "Stock market crashes should not be linked with elections, but even if such a rumour has been spread, I suggest that you buy (shares) before June 4. It will shoot up."Shah stated that a stable government, such as one led by Narendra Modi, would help the market perform better. "Whenever there is a steady government, markets do well. That's why I am saying we are going to get 400-plus seats and a stable Modi government will be in power. Therefore, the share market will certainly go up," he said.