BJP’s manifesto is high on promises

The promises made in the BJP manifesto on the business and investment fronts ride strongly on good governance and development, which form the pillars of the BJP’s manifesto. This should be music to the ears of the business community, which includes entrepreneurs and medium and small businesses.

There is a section of the community that rues the fact that foreign direct investment has not been permitted in multi-brand retail and there is no word on divestment or on where the finances are going to come from.

FDI in multi-brand retail is not a necessity as there is nothing that the Indian entrepreneur cannot do, whether building cold chains or warehouses, given the right facilitating environment that is promised in the manifesto. Even the mom-and-pop stores have been reforming themselves and this can be encouraged. Imported models don’t necessarily work and this is evident in the ritzy malls where lakhs of square feet lie vacant.

All issues that have been strangling growth in the last two years have been dealt with, like ease of doing business, transparency in decision-making, de-bottling bottle-necks, curbing corruption, encouraging the India First principle, reducing import dependency, making India a manufacturing hub, etc.

Even GST will be implemented as the manifesto clearly says the Centre will take the states on board. Once the states are shown as equals, many schemes will fall in place. As for money for the schemes, if the government is able to curb corruption by even 50 per cent there will be enough funds available and the government will not have to resort to distress sales of family silver (PSUs).

The manifesto promises rationalisation of taxes and interest rates. The latter is the only scary part in this manifesto. Deciding interest rates is the prerogative of the Reserve Bank of India and it is hoped that there is no clash with the central bank, which is doing a great job.

While the manifesto has been widely welcomed by business organisations, it is understandable why some sections feel the BJP manifesto is a copycat version of the Congress party’s; some even say there is nothing new in it.

The ultimate test of a manifesto is its implementation, and that is where the BJP scores over most other manifestos. It has good showpieces to commend its abilities in the states where its writ runs. Besides, prime ministerial hopeful Narendra Modi said, “I promise that I will leave no stone unturned to accomplish what is being promised, I promise I will never do anything for myself, I will never be vindictive.”

BJP president Rajnath Singh also emphasised his commitment to implementing the manifesto. One shall have to take them at their word even though it was not affirmed in an affidavit on stamp paper.