BJP manifesto: Foreign investment to be okayed, but not FDI in retail

Written by PTI | New Delhi | Updated: Apr 7 2014, 22:39pm hrs
LK AdvaniLal Krishna Advani (R), listens to BJP prime ministerial candidate Narendra Modi during a workers' party meeting ahead of the general election, at Gandhinagar in Gujarat April 5, 2014. (Reuters)
Giving high priority to revival of growth and job creation, the Bharatiya Janata Party (BJP) today promised to contain inflation, pursue tax reforms and promote foreign investments but said no to FDI in multi-brand retail.

Released here by top BJP leadership, the party's election manifesto accused the Congress-led UPA government of unleashing 'tax terrorism and uncertainty' and engendering 10 years of jobless growth.

The BJP promised to set up a Price Stabilisation Fund to check inflation, ensure fiscal discipline and pursue banking sector reforms to deal with the problem of rising bad loans.

Also read: Bharatiya Janata Party releases Lok Sabha polls 2014 manifesto, Narendra Modi makes three promises

"The country has been dragged through 10 years of jobless growth by the Congress-led UPA Government. Under the broader economic revival, BJP will accord high priority to job creation and opportunities for entrepreneurship," it said while unveiling the road map for the future.

With regard to the agriculture sector, the manifesto promises to create a single 'National Agriculture Market' and increase public investment in the farm sector.

Referring to taxation, it said, "the UPA government Government has unleashed 'Tax terrorism' and 'uncertainty', which not only creates anxiety amongst the business class and negatively impacts the investment climate, but also dents the image of the country."

BJP Manifesto

Promising tax reforms, BJP said its tax policy roadmap include focus on a non-adversarial and conducive tax environment, overhaul of the dispute resolution mechanisms, bringing on board all state governments in adopting GST (Goods and Services Tax) and provision for tax incentives to promote investment.

The manifesto said a BJP led government at the centre will unbundle FCI (Food Corporation of India) operations into procurement, storage and distribution segments for greater efficiency.

It also promised to promote and support area specific crops and vegetables linked to food habits of the people.

On promotion of industry, BJP said: "We should no longer remain a market for the global industry. Rather, we should become a Global Manufacturing Hub".

It said India will have to encourage the domestic industry to innovate and collaborate internationally.

Talking about "economic freedom", the manifesto said Government will not get in the way of the freedom of individuals to start and operate legitimate businesses.

"Increased economic freedom will break open the economic space to new entrants, especially in the form of small and medium-enterprises, creating jobs and prosperity," it said while stressing on cutting red tape and simplifying procedures to do business.

Referring to the manufacturing sector, BJP said it will take "all steps" like faster approvals, investment in logistics infrastructure, ensuring power supply and undertaking labour reforms, besides other steps to create a conducive environment for investors.

The manifesto also promised that the government will initiate building 100 new cities enabled with the latest in technology and infrastructure - adhering to concepts like sustainability, walk to work, and focus on specialised domains.

On skill development, BJP said a 'National Multi-skill Mission' will be launched and vocational training on a massive scale will be promoted.