 "BJP manifesto: Monetary policy not RBI preserve")
The Bharatiya Janata Party (BJP)'s manifesto, to be unveiled in the next few days, would be a "practical, doable and fundable" document that will aim at reviving the economy by boosting growth in agricultural and manufacturing sectors.
The party's vision document has been delayed due to political and logistic reasons. Not only has the BJP given a final shape to the draft, but it is leaving a window open to accommodate the views of its allies in the document, should the party need more help in forming the government.
A BJP-led government elected at the Centre, the manifesto is likely to outline, will create an investment fund to revive dormant projects, as also launch massive infrastructure projects like building national highways, lay new railway lines and give a push to building to affordable housing to boost growth and create employment.
The manifesto, said sources, would provide for cheaper loans to small and medium enterprises, as also to small retailers and even students. "Education loans would be made cheaper than car loans," said party treasurer Piyush Goyal. He said the trend by banks of refusing loans to SMEs and retailers because of increasing NPAs had impacted the manufacturing sector and would be addressed. "We will try identify bona fide defaulters from mala fide ones," he said.
Interestingly, Goyal said the BJP believed in selective interest rate interventions. This means the BJP believes monetary policy must have a definite direction and cannot be the domain of the Reserve Bank of India alone.
According to sources, the BJP manifesto will chalk out steps to make the manufacturing sector more investment-friendly and cut down on red tape to encourage ease of doing business. Sources say BJP won't adopt a rights-based approach like that of the Congress.
Goyal said the UPA gave the country jobless growth. He said the growth in the first five years of the UPA's term was primarily consumer driven, while the next five years were marked by policy paralysis. "Then they tried doles, but Rajasthan elections proved that public doesn't get satisfied with handouts," said Goyal.
Sources within the party, privy to the manifesto drafting process, said a BJP government would aim to make agriculture more profitable and fast tracking the Agricultural Price Marketing Committees (APMCs) reforms. It will put in place a price stabilisation fund to ensure farmers get a good price for their produce in times of a bumper crop as well as to control inflation, including cross-subsidising.
"The Congress is unlikely to return at the Centre so it can promise the moon to the people but what they are doing is fooling the people," said a source. BJP's prime ministerial candidate Narendra Modi had, in a recent interview, criticised social welfare schemes aimed at creating vote banks but which empty the government treasury.
The manifesto, BJP's national treasurer Piyush Goyal claimed, would not be a clone of the Congress manifesto. "Our manifesto will contain guiding principles for the Indian economy. We will tackle job creation and rein inflation in mission mode," he said.
Goyal, a chartered accountant by profession, said the party's manifesto drafting committee had crowd sourced ideas and expectations of 42,000 people from across the country to shape the party's manifesto. Senior BJP leader Murli Manohar Joshi heads the committee. Sources in the party said the BJP parliamentary board cleared the manifesto on Monday night.
"The manifesto is likely to be unveiled in the next couple of days as soon as we can get our senior leaders, our manifesto committee members, some of whom are also contesting elections, and our prime ministerial candidate Narendra Modi in Delhi," said another party leader, adding the real reason for the BJP's failure to release its manifesto was the busy schedules of its leaders.
Goyal said the BJP government would also look at simplifying the taxation code and rationalisation of tax slabs. "We will focus on addressing harassment by tax authorities of people who earn Rs 3 lakh, Rs 5 lakh or Rs 10 lakh as also sorting out issues that lead to harassment of domestic and foreign investors," he said. Goyal said the finance minister had promised a simplified direct tax code two years ago but was yet to deliver on the promise. "The Companies Act has been made more complicated," said he.
The Rajya Sabha MP said a BJP government would create an investment fund to support the revival of 400 dormant projects worth Rs 18 lakh crore. He said the BJP government would push for growth in the tourism sector, which could create 17 to 18 million jobs and give a massive push to infrastructure projects such as construction of highways and laying of railways for economic growth and creation of jobs. He said affordable housing was the need of the hour and had the potential to create 15 to 20 million jobs.
The party's vision document has been delayed due to political and logistic reasons. Not only has the BJP given a final shape to the draft, but it is leaving a window open to accommodate the views of its allies in the document, should the party need more help in forming the government.
A BJP-led government elected at the Centre, the manifesto is likely to outline, will create an investment fund to revive dormant projects, as also launch massive infrastructure projects like building national highways, lay new railway lines and give a push to building to affordable housing to boost growth and create employment.
More From This Section
The BJP aims to replicate its National Democratic Alliance years, when it claims to have created nearly 60 million jobs. The party manifesto has identified affordable housing and tourism as sectors that have the potential to generate approximately 35 million jobs.
The manifesto, said sources, would provide for cheaper loans to small and medium enterprises, as also to small retailers and even students. "Education loans would be made cheaper than car loans," said party treasurer Piyush Goyal. He said the trend by banks of refusing loans to SMEs and retailers because of increasing NPAs had impacted the manufacturing sector and would be addressed. "We will try identify bona fide defaulters from mala fide ones," he said.
Interestingly, Goyal said the BJP believed in selective interest rate interventions. This means the BJP believes monetary policy must have a definite direction and cannot be the domain of the Reserve Bank of India alone.
According to sources, the BJP manifesto will chalk out steps to make the manufacturing sector more investment-friendly and cut down on red tape to encourage ease of doing business. Sources say BJP won't adopt a rights-based approach like that of the Congress.
Goyal said the UPA gave the country jobless growth. He said the growth in the first five years of the UPA's term was primarily consumer driven, while the next five years were marked by policy paralysis. "Then they tried doles, but Rajasthan elections proved that public doesn't get satisfied with handouts," said Goyal.
Sources within the party, privy to the manifesto drafting process, said a BJP government would aim to make agriculture more profitable and fast tracking the Agricultural Price Marketing Committees (APMCs) reforms. It will put in place a price stabilisation fund to ensure farmers get a good price for their produce in times of a bumper crop as well as to control inflation, including cross-subsidising.
"The Congress is unlikely to return at the Centre so it can promise the moon to the people but what they are doing is fooling the people," said a source. BJP's prime ministerial candidate Narendra Modi had, in a recent interview, criticised social welfare schemes aimed at creating vote banks but which empty the government treasury.
The manifesto, BJP's national treasurer Piyush Goyal claimed, would not be a clone of the Congress manifesto. "Our manifesto will contain guiding principles for the Indian economy. We will tackle job creation and rein inflation in mission mode," he said.
Goyal, a chartered accountant by profession, said the party's manifesto drafting committee had crowd sourced ideas and expectations of 42,000 people from across the country to shape the party's manifesto. Senior BJP leader Murli Manohar Joshi heads the committee. Sources in the party said the BJP parliamentary board cleared the manifesto on Monday night.
"The manifesto is likely to be unveiled in the next couple of days as soon as we can get our senior leaders, our manifesto committee members, some of whom are also contesting elections, and our prime ministerial candidate Narendra Modi in Delhi," said another party leader, adding the real reason for the BJP's failure to release its manifesto was the busy schedules of its leaders.
Goyal said the BJP government would also look at simplifying the taxation code and rationalisation of tax slabs. "We will focus on addressing harassment by tax authorities of people who earn Rs 3 lakh, Rs 5 lakh or Rs 10 lakh as also sorting out issues that lead to harassment of domestic and foreign investors," he said. Goyal said the finance minister had promised a simplified direct tax code two years ago but was yet to deliver on the promise. "The Companies Act has been made more complicated," said he.
The Rajya Sabha MP said a BJP government would create an investment fund to support the revival of 400 dormant projects worth Rs 18 lakh crore. He said the BJP government would push for growth in the tourism sector, which could create 17 to 18 million jobs and give a massive push to infrastructure projects such as construction of highways and laying of railways for economic growth and creation of jobs. He said affordable housing was the need of the hour and had the potential to create 15 to 20 million jobs.