Congress urges Amit Shah to stop fear-mongering, promises better measures to manage economy

Responding to Union Home Minister Amit Shah’s recent news channel that stable governments would help stock markets perform better, the Congress said there was no basis for fear-mongering and the party’s track record of delivering robust and inclusive economic growth spoke volumes. himself.

Senior MP and party general secretary Jairam Ramesh said in a statement on Sunday that the Manmohan Singh regime had a record economic growth and investment compared to the Narendra Modi government. “The percentage share of private investment and manufacturing was higher under Dr Singh than in the last decade. Self-inflicted policy mistakes like demonetisation, Goods and Services Tax and ill-planned lockdown played a major role. But equally important is the climate of fear and uncertainty created by the Modi government, which has led to a massive exodus of wealth creators from India to places like Dubai, London and Singapore,” he said.

Citing the Congress election manifesto, Mr. Ramesh said the Indian government’s most important contribution would be to „remove the current climate of mistrust and fear and create a healthy ecosystem in which private companies, regulators, tax authorities and the government can operate”. A sense of mutual cooperation and respect.” “This is in stark contrast to the vindictive and arbitrary approach of the Modi government, whose main objective is to extort funds, stifle competition against a favored few and remove all freedom of decision-making. These anti-competitive policies have led to low investment, concentration of economic power and unsustainable – have contributed to the development of the format,” he said.

He said the Indian government will replace the current GST system with GST 2.0, a single, moderate rate (with some exceptions). „We will enact a Direct Taxes Code and maintain fixed personal income tax rates over the next five years. We will remove the „angel tax” and all other exploitative tax schemes that discourage investment in new micro, small enterprises and innovative start-ups,” he said.