Economic Revival Essential In India, Says BJP Chief

When the NDA Government completed its tenure the baton was handed over to the incoming UPA Government with GDP growth nearing double digit in 2004. Inflation was under control. Fiscal Deficit and Current Account Deficit were kept within limit and the overall Economy was showing robust fundamentals. In contrast, now at the end of Congress-led UPA regime, the GDP growth has plummeted to very low of 4.8%, the inflation and price rise beyond control, the fiscal deficit and current account deficit in the alarm zone, and the manufacturing sector facing a recession. The Congress-led UPA has indulged in massive scams during its last five years. In recent years, the Indian Rupee has seen a free fall like never before.

This is basically the result of policy and decision paralysis of the UPA Government. Decisions are simply not taken. And if they are taken, they turn into scandals. All this has destroyed the reputation of our economy. To reverse this process, the first thing, which is required, is to restore confidence in 26the integrity of the decision-making and sanctity of our decisions.

We will bring back credibility and trust in government, re-sowing confidence in the India story domestically as well as internationally. Through consistent, long-term policies, we will not just spur the process of economic growth, but also ensure that it is stable as well as balanced.

BJP as part of its manifesto 2014 will:

* Find out solutions, which are effective in the short run and lasting in the long run.

* Strictly implement Fiscal discipline, without compromising on funds availability for development work and asset creation

* Allocate resources efficiently and effectively to re-energize the engines of growth.
* E-visit the policy framework for investments both foreign and domestic to make them more conducive.
* Undertake Banking reforms to enhance ease and access, as well as accountability.
* We will encourage Savings as an important driver of investment and growth.

NPAs

NPAs have increased sharply over the past few years and the trend continues. BJP will take necessary steps to reduce NPAs in Banking sector. Also, BJP will set up a strong regulatory framework for the non-banking financial companies to protect the investors.

Taxation

UPA 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 realizes the importance of having a Tax Policy Roadmap, so that people are aware of the future and plan accordingly. We will:

* Provide a non adversarial and conducive tax environment

* Rationalize and simplify the tax regime

* Overhaul the dispute resolution mechanisms

* Bring on board all State governments in adopting GST, addressing all their concerns

* Provide tax incentives for investments in research and development, geared towards indigenization of technology and innovation

Foreign Direct Investment

Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialized expertise. BJP is committed to protecting the interest of small and medium retailers, SMEs and those employed by them. The FIPBs (Foreign Investment Promotion Board) functioning shall be made more efficient and investor- friendly.

Agriculture - Productive, Scientific and Rewarding

Agriculture is the engine of India's economic growth and the largest employer, and BJP commits highest priority to agricultural growth, increase in farmer's income and rural development.

BJP will:
* Increase public investment in agriculture and rural development.

* Take steps to enhance the profitability in agriculture, by ensuring a minimum of 50% profits over the cost of production, cheaper agriculture inputs and credit; introducing latest technologies for farming and high yielding seeds and linking MGNREGA to agriculture.

* Put in place welfare measures for farmers above 60 years in age, small and marginal farmers and farm labours.

* Introduce and promote low water consuming irrigation techniques and optimum utilization of water resources.

* Introduce soil assessment based crop planning and setting up mobile soil testing labs.

* Re-orient pest management and control programmes.

* Implement and incentivize the setting up of the food processing industry that has remained just a plain talk till now. This will lead to better income for farmers and create jobs. We aim to set up 'agro food processing clusters', with high value, export-quality and vacuum packed food processing facilities, etc.

* Focus on the quality, productivity and trade of spices.
* Set up the 'Organic Farming and Fertilizer Corporation of India', to promote organic farming and

fertilizers, and provide incentives and support for marketing organic produce.

* Introduce rotation farming for herbal products, based on geographical mapping, to enhance the income of farmers.

* Implement a farm insurance scheme to take care of crop loss due to unforeseen natural calamities.

* Strengthen and expand rural credit facilities.

* Promote horticulture, floriculture, pisciculture, bee-keeping and poultry for generating jobs and income for rural India

* Promote fish farming and aqua culture. Measures would be taken for the welfare of fisherman ␣ Create Cluster based storage systems (e.g. Rice cluster, Wheat Cluster, Veg - Fruit cluster, Spices cluster).

* Introduce the concept of consumer friendly farmers' market to reduce wastages and increase incomes and risk coverage.

* Reform the APMC act.
* Work with the states to set up seed culture labs in each district and regional agriculture innovation

labs to conserve agro-biodiversity and to identify and preserve rare indigenous varieties.

* Explore setting up of regional Kisan TV channels.

* Give high priority to poverty alleviation in rural areas.

Genetically Modified (GM) foods will not be allowed without full scientific evaluation on its long-term effects on soil, production and biological impact on consumers.

Land acquisition is a contentious issue due to the opacity of the land acquisition process. BJP will adopt a 'National Land Use Policy', which will look at the scientific acquisition of non-cultivable land, and its development; protect the interest of farmers and keep in mind the food production goals and economic goals of the country. It's implementation would be monitored by the National Land Use Authority, which will work with the State Land Use Authorities to regulate and facilitate land management. The power and functions of the National Land Use Authority would be similar to those of other regulatory 28 bodies.