New Delhi, May 22 (PTI) The Congress-led government will unleash a new economic boom in India after June 4 with its guarantees and schemes, kicking off the country's next consumption growth, the party said on Wednesday.

Lok Sabha election results will be declared on June 4.

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Congress general secretary Jairam Ramesh said that in May 2004, when Dr Manmohan Singh was announced as prime minister, the markets regained their losses of the previous days and then grew at a record pace for 10 years.

"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," he said in a post on 'X'.

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Ramesh claimed that the "outgoing PM's" privatization policy of 2021 enabled the sell-off of airports, infrastructure, ports, steel plants and other public assets to benefit just "a handful of industrialist groups".

"The Congress party stands firmly for competition, competition, and competition. We are 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," the Congress leader said.

Ramesh said that he has been asked how the Congress would pay for MGNREGA in 2004-5 and how it would pay for the National Food Security Act from 2011-13.

"Today, these schemes were all that protected poor Indians from ruin during the pandemic and have proven themselves to be excellent uses of public funds. After opposing both schemes at the time, the outgoing PM has rebranded them and taken credit for them.

"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 claimed in his post on 'X'.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)