The Aryavarth Express
Agency (New Delhi): The Congress party announced on Wednesday that it will initiate a new economic boom in India following the declaration of the Lok Sabha election results on June 4. The party promises to implement various guarantees and schemes to stimulate the country’s next phase of consumption growth.
Congress General Secretary Jairam Ramesh highlighted that in May 2004, when Dr. Manmohan Singh was appointed Prime Minister, the markets rebounded and saw a decade of significant growth. “On every metric, from GDP growth to private investment, Dr. Singh’s tenure vastly outperformed the 10 years of ‘Anyay Kaal’ under Modi. On June 4, the Congress-led government will unleash a new economic boom in India,” Ramesh stated in a post on ‘X’.
Ramesh criticized the outgoing Prime Minister’s 2021 privatization policy, which he claimed facilitated the sale of public assets to benefit a few industrialist groups. He emphasized that the Congress party advocates for competition and is committed to ending monopolies and oligopolies, reducing barriers to entry and exit of firms, and reforming the Insolvency and Bankruptcy Code.
“We cannot accelerate GDP growth to 8-9% without expanding private investment, and that will be a priority of the incoming Congress-led government on June 4,” Ramesh asserted.
Addressing concerns about funding their initiatives, Ramesh recalled past skepticism about financing schemes like MGNREGA and the National Food Security Act. He noted that these programs were crucial in protecting poor Indians during the pandemic and have proven to be effective uses of public funds. He pointed out that the current government has rebranded and taken credit for these schemes despite initial opposition.
“My simple answer to how we will pay for our guarantees: as the economy grows, it generates revenue, and the tax base expands. Putting money in people’s hands leads to increased consumption, and our Mahalaxmi scheme, putting Rs 1 lakh directly in the hands of poor women, will kick off India’s next consumption boom,” Ramesh explained in his post on ‘X’.