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The Bharatiya Janata Party (BJP)'s Arun Jaitley, in the last leg of campaigning for the Lok Sabha seat from Amritsar against former Congress chief minister of Punjab, Amarinder Singh, says investors should be greeted with a red carpet and not red tape. Putting stuck projects on the fast track is another target of Narendra Modi's government, if it comes to power on May 16, Jaitley tells Nivedita Mookerji in an interview, while motoring down the Pathankot highway in his jeep, with Punjab revenue minister Bikram Singh Majithia at the wheel. Edited excerpts:
The buzz is you will be finance minister or deputy prime minister if the BJP forms the government. What is your vision as the next finance minister?
Within our party, not even a thought has been given (to who will get what). I do not see anybody being appointed anything before the government is formed. Government must work around only one power centre. We had a disaster in terms of the UPA because it did not have a clear power centre. The power centre should be the prime minister and nobody else.
If you were named finance minister, what would be your agenda?
I am not willing to discuss the possibility even hypothetically. I can only tell you that for the next government, the priority will be how to revive the investment cycle in India. The credibility of the Indian economy has taken a hit. People do not want to invest.
A political change at this stage will send a good signal. That signal has to be exploited to the fullest. You have to take large policy measures that send signals to investors that it is time they started investing in India. I am talking of both international and domestic investors.
What kind of policy measures?
You will need a reasonably liberal approach, except in areas where the demands of the economy are otherwise. You will have to have easy clearances. All these projects that have been pending during the UPA, if the NDA can clear them in the next six months, that will send a great signal. The signal that we want to go out is there is no red tape and there is a red carpet for investors.
What are the focus sectors?
There are sectors you have to concentrate on, for example, infrastructure. You have to look at real estate. These are easy growth drivers.
What do you mean by focus on real estate?
I am talking of suburbanisation and urbanisation. You have to facilitate these. Interest rates have to be brought down to support real estate. You cannot have 60 per cent of the population living in houses that are not habitable. Focus should be on growth in suburbanisation and new smart cities, national highways, and industrial corridors.
A regime for low-cost manufacturing must also be brought in. The cost of utilities, particularly power, has to be brought down. Then, of course, one must look at skill development in an intense way and also the creation of a tourism circuit. They will all create jobs.
How has the campaign gone?
I am looking at the national campaign, plus I am campaigning from Amritsar. We started planning at the national level in January and I came to Amritsar in March. I am in daily touch with Delhi. Once in a while, I go to Delhi.
Is there a Narendra Modi wave?
Nationally, we are ahead of the Congress. We have a clear message, and we are confining our campaign to issues of governance. We do not want to deviate.
On leadership, we are absolutely clear, it is Modi. As far as the Congress is concerned, its messages are abstract.
Are you headed for Varanasi to campaign for Modi?
Yes. I will go to Himachal Pradesh, Uttarakhand, East Uttar Pradesh and Andhra Pradesh for the last phase of the election. The BJP's campaign is organised, ahead of Congress. The group that is critical of the (Punjab) government over local issues is vociferous in my favour in Amritsar.
Modi recently said the BJP government would review the FDI policy. What did he mean?
I am of the view FDI is an additionality. Whether it is an additionality of a resource or investment, you require it. But there are sectors where we have to be selective. As for multi-brand retail, our stand is well known. At the moment, our policy is not to support FDI in multi-brand (retail).
But surely, in the long term that cannot be the BJP's stand. Others like Walmart may also be allowed in the long-term. Isn’t it?
Before that long term comes, India must be ready for low-cost manufacturing. If your own products cost more than products in multi-brand, you will be selling Chinese goods. Policies should be linked to India’s capacity. China had multi-brand and it helped them because it was Chinese goods selling in their multi-brand retail.
Do you see the need to revise FDI caps across sectors?
That is an ongoing process. I do not mind looking at defence, where most of our goods are bought from foreign companies. So, if we have an Indian company with FDI manufacturing in India for India, that is a much better situation.
What is your take on relations with Pakistan?
I am in favour of confidence-building measures. But there is a condition. Relation-building will depend on the way the Pakistani state distances itself from any kind of insurgency being encouraged in India.
What about boosting trade with Pakistan?
If we were to normalise relations, trade is always a win-win situation.
What do you have to say on the AAP's brand of politics?
It is irresponsible populism and a governance nightmare. I do not see them as a very relevant player in this election.
What figure do you have in mind for the BJP?
I am not looking at a figure. I'm looking at the bull's eye: 272. I think the BJP and its allies should comfortably cross that.
