The Aryavarth Express
Agency (New Delhi): On June 4, the financial markets experienced a significant downturn following the trends of the Lok Sabha poll results, which indicated that the BJP might not secure a majority on its own. The Congress attributed this turbulence to an artificial booster provided by exit polls.
Congress general secretary Jairam Ramesh addressed the media, emphasizing the party’s commitment to the orderly and healthy development of financial markets that genuinely reflect economic fundamentals. Ramesh referenced former Prime Minister Manmohan Singh’s remarks from 2004, underscoring the Congress’s long-standing dedication to fostering a stable market environment.
“Financial markets that were given an artificial booster dose by the exit polls are turbulent today,” Ramesh stated. He recalled Singh’s words from May 17, 2004, when the markets faced a similar situation, suggesting that there was no need for panic and that the United Progressive Alliance (UPA) would soon present its Common Minimum Programme (CMP). Singh had assured that the CMP would demonstrate a commitment to fiscal discipline, growth-oriented tax policies, and increased emphasis on sectors such as agriculture, education, health, food security, and social security.
Ramesh echoed Singh’s sentiments, asserting, “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 favourable for both Indian and foreign enterprises.”
He highlighted that the UPA government’s tenure from 2004 to 2014 provided a fear-free and intimidation-free environment for the private sector, resulting in the highest GDP growth India has ever seen, alongside the highest private investment as a share of GDP.
The early trends of the Lok Sabha poll results showed disappointing outcomes for the BJP-led NDA, with significant losses in strongholds like Uttar Pradesh, Haryana, and Rajasthan. Despite this, the BJP is expected to form the government with about 290 seats.
