BJP focus: more Indian MNCs, retail investors

Economic resolution seeks to please all

The Bharatiya Janata Party (BJP) promised to make India an economic superpower by proposing easier overseas investment norms for Indian companies, cornering 1 per cent of global trade ahead of the 2007 deadline, and promoting Indian multinational corporations.

In its six-page economic resolution, the party also sought to please its vote bank by promising lower interest rates for shop-keepers besides farmers and small businesses, stressing on a growth model that would create more jobs, and bringing the retail investors back to the stock markets to share its gains.

It also sought to transform India into a global manufacturing hub and increase the share of manufacturing in the GDP much beyond the present 25 per cent.

Empowerment of agriculture, further reform in labour laws, a national policy on urban transport, developing tourism to full potential and making India the most preferred destination for business process outsourcing (BPO) were some of the other proposals in the resolution to make India a super economic power.

An employment-led growth model essentially meant focus on sectors like roads, ports and power generation, construction and transport, khadi and village industries. The party also said it would initiate a process of urban removal by revitalising the urban sector, developing the metros and mass rapid transport system in many urban areas.

Urban sector reforms would involve implementation of model municipal laws by states, formulation and implementation of national policy on slums, lowering of stamp duties, a modern transfer of property laws, a rational rent laws, scrapping of urban land ceiling laws in the states where they still exist, and introduction of user charges and maintenance of sewers and other public utilities through public and private partnership.

To gain an edge over other countries in the knowledge economy and better leverage its capability, skilled manpower and cost of effectiveness, the party said it would sustain the momentum with policies aimed at upgrading manpower skills and turning out education system accordingly.

For this, it was necessary to develop a transparenttime bound accreditation process of institution of higher education. The BJP in government will ensure that models of public-private partnership for collaboration on research and development between universities and industry are developed.

To enlarge the community of stakeholders, it promised pursuing reforms in the financial sector. The insurance sector required to be encouraged to present affordable products to secure life and properties of businessmen, farmers and traders, it said.

Briefing newspersons, Commerce Minister Arun Jaitley said the rate of inflation, which routinely touched double digits during the earlier governments run by the Congress, has been contained to a modest level. He also referred to India's growing status in the services sector and said the economic resolution promised to make the country a preferred "destination for business process outsourcing".

That the document seeks to amplify the feel-good factor is clear in the assertion that India has transformed "itself from an economy built on shortages to an economy governed by surpluses".

How to be a superpower

• Transform India into a global manufacturing hub
• Put India at the centre of the knowledge economy
• Initiate a process of urban revival
• Empower agriculture
• Develop tourism
• Enlarge the community of stakeholders
• Job-oriented growth
• Extend the reach of prosperity
• Ensure India's exports reach 1% of global trade before 2007