Jairam Ramesh accuses Amit Shah of fearmongering, promises predictable tax regime if INDIA bloc is voted to power

Also Read: INDIA bloc leaders flay PM Modi’s bulldozer remark

The promise of a healthy ecosystem

Ramesh said in the statement: “It is a matter of record that economic growth and investment were much higher under Manmohan Singh than under the Modi government.”

He added: “Private investment and the share of manufacturing as a percentage were much greater under Singh than in the past decade.”

He also said: “Self-inflicted policy blunders such as demonetisation, GST, and an ill-planned lockdown played an important role.”

Claiming that Modi had created an atmosphere of fear and uncertainty, Ramesh said it was what led to the “biggest exodus of wealth creators from India” to destinations like London, Singapore, and Dubai.

Promising that the INDIA bloc government will remove the current environment of distrust and fear, the Congress leader asserted that the coalition’s government would create a healthy ecosystem.

The INDIA bloc would “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,” he said.

Irani vs Gandhis: Priyanka campaign sets up Gandhis’ virtual ‘grudge match’ in Amethi

Stable, predictable policymaking

Jairam Ramesh said that the INDIA bloc had promised that regulatory oversight would be based on clearly enunciated laws and rules, which he added would be applied fairly and without discrimination.

Attacking the Modi government for a “vindictive and arbitrary approach,” he alleged that the ruling NDA’s main goal was to extort funds, suppress competition, and eliminate all freedom in decision-making.

Explaining the INDIA bloc’s election manifesto, the Congress leader vouched for the implementation of a clear, transparent and predictable tax regime.

“We will replace the current GST with a GST 2.0 that will be a single, moderate rate (with a few exceptions),” said Ramesh.

He also spoke about enacting a Direct Tax Code that would help maintain stable personal income tax rates throughout the next five years.

“We will eliminate the ‘Angel tax’ and all other exploitative tax schemes that inhibit investment in new micro and small companies and innovative start-ups,” he said.

Reminding people that Manmohan Singh’s government ended its tenure with a fiscal deficit of 4.5 percent of the GDP, he drew parallels to the Modi government’s final-year fiscal deficit of 5.8 percent.

Lastly, he said in the statement that the INDIA bloc would take measures to deal with Modi’s poor record on price rise, jobs, and stagnant wages.

(Edited by Neena)