'Bharatiya Janata Party's economic agenda to provide transparent, stable policies'

Written by PTI | New Delhi | Updated: Feb 22 2014, 00:28am hrs
Bharatiya Janata PartyBharatiya Janata Party (BJP) is likely to unveil its economic agenda in the coming weeks. Reuters
Bharatiya Janata Party's economic agenda will focus mainly on providing transparent and stable policies for investors, senior Bharatiya Janata Party leader Ravishankar Prasad today said.

Bharatiya Janata Party (BJP) is likely to unveil its economic agenda in the coming weeks.

"Enabling atmosphere for India, where those who wish to invest can invest in a transparent manner. There will be policy stability, there will be quick decision making, no policy paralysis and no corruption," Prasad, who is Deputy Leader of Opposition in Rajya Sabha, told reporters here.

He was replying to a question about the main things to be present in the BJP's economic agenda.

Prasad also said the country's GDP growth rate fell from 8.5 per cent during the NDA rule to 4.5 per cent at the end of UPA-II tenure.

"When we came to power the growth of India was 4.8 per cent...When we demitted office in May 2004, the growth rate of India had become 8.5 per cent. I do not think, Mr Atal Bihari Vajpayee ever took the alibi of international global factors. We sought to create an enabling atmosphere," he said here at an AIMA event.

He said that the day the government of India gave a signal to the Vodafone controversy, "India perhaps hinted to the world that our taxing regime is not stable".

The Supreme Court had ruled in Vodafone's favour in 2012, saying it was not liable to pay any tax over the acquisition of assets in India from Hong Kong-based Hutchison.

The government changed the rules later in 2012 to enable it to make retrospective tax claims on concluded deals.

Further he alleged that every sector including road, telecom and real estate is in a major problem.

"There is a problem in NHAI, there is problem in award of contracts. Today road sector is in a mess. In telecom sector, India's great success story, we have a scam, we have corruption and this sector today is also in a real mess. Real estate sector, which consumes steel, cement, manpower is in a mess. You have a coal scam," he said.

Prasad said India's economy is suffering due to absence of good governance.

"I should acknowledge before you that wittingly or unwittingly, the element of good governance has come into the forefront of India's politics and it has happened because of demand of Indian people who want delivery performance and growth," he added.