New Delhi: Congress MP Jairam Ramesh took to social media platform X to address the stock market volatility witnessed on Tuesday, June 4, 2024, during the 2024 Lok Sabha Poll Result vote countdown, stating that the financial markets had been artificially boosted by exit polls on Monday. “Financial markets that were given an artificial booster dose by the exit polls are turbulent today,” said Ramesh. ramesh harked back to 2004, when a similar situation arose as the poll trends showed the exit poll predictions to be inaccurate. He shared that when the country faced the prospect of regime change in 2004, Dr Manmohan Singh stepped in to calm the markets.
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
While not outrightly asserting anything to the effect that the Congress may form a government in 2024, he sought to draw parallels by quoting Manmohan Singh who said: There is absolutely no need for panic in the market. Very soon the alliance will unveil its CMP.” To be sure, the BJP-led NDA is leading the poll counting trends with 294 seats as of 2:34 pm.
The BJP’s alliance partners also clarified that they were not in discussions with the Congress-led INDIA alliance. BJP leaders were also camped at the Telugu Desam Party office in Andhra Pradesh to mitigate any possibilities of a change of heart. Prime Minister Narendra Modi also talked to TDP chief Chandra Babu Naidu over the phone.
‘Committed to the orderly development of financial markets’
Ramesh went on to quote former PM Manmohan Singh to state that the UPA will demonstrate commitment to fiscal discipline. Other objectives laid out by Singh included:
Realistic growth-oriented tax policies
‘Control of unproductive and wasteful public expenditure
Increased emphasis on agricultural growth, education health, food security and social security
All these promises were made “in the context of a fast-growing economy that is integrating with the world as well.” “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,” said Singh.
Ramesh credited the Manmohan Singh government for usherin gin a “fear-free and intimidation-free decade for the private sector.” The 10-year tenure of the Congress-led UP government oversaw the highest GDP growth of India “ever seen” and the highest private investment as a share of GDP.
Congress leader Jairam Ramesh in a post on social media platform X stated that the party was committed to orderly growth by quoting former PM Manmohan Singh when the Congress-led UPA was voted to power in 2004. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
