How promises in BJP’s manifesto for Indian economy focus more on continuity rather than a shakeup

How promises in BJP’s manifesto for Indian economy focus more on continuity rather than a shakeup

New Delhi: The economic component of the Bharatiya Janata Party’s 2024 general election manifesto, or Sankalp Patra, relies more on the successes of schemes and missions already implemented and their subsequent expansion rather than a substantial revamp or introduction of new ideas towards the target of ‘Viksit Bharat’ by 2047.

This notion of preferring continuity over a shakeup is brought out in the Sankalp Patra — released Sunday by Prime Minister Narendra Modi — not only through its promises but also in its language.

“Our policies have resulted in Bharat becoming the fifth largest economy,” the document said. “We will build upon this foundation in the next five years to launch our country on the path to Viksit Bharat by 2047.”

The spirit of the document is, perhaps, best captured in the fact that it begins with six pages worth of achievements of the Modi government over the last 10 years.

The economic focus of the poll manifesto, which “guarantees” that India will become the third-largest economy in the world, is on the poor, middle class, women, youth, farmers, labourers, and micro, small and medium enterprises (MSMEs). Each of these categories received a separate section in the document.

“In the next five years, we will take our nation into the top 3 economies of the world, launch a final and decisive assault against poverty, open up newer avenues of growth in various sectors, further intensify our battle against corruption, unveil the next generation of reforms, and take a number of pro-people decisions and actions,” Modi wrote in a ‘letter to the nation’ at the beginning of the Sankalp Patra.

The Sankalp Patra is more than just a collection of promises, he said.

“This Sankalp Patra outlines the collective aspirations and goals of our nation, by our nation, and for our nation.”

That said, the poll manifesto includes substantial expansions of existing programmes — such as extending free healthcare to senior citizens, increasing the size of loans under the  Pradhan Mantri Mudra Yojana, and tripling the scope of the Lakhpati Didi programme.

Apart from these examples, where specifics were mentioned, the document also includes broader intentions to expand the government’s infrastructure push, the country’s manufacturing capabilities, and its employment potential.

It also includes a few new announcements that will be implemented if the BJP comes to power, including a National Mission on Natural Farming, a Krishi Infrastructure Mission, an indigenous Bharat Krishi satellite, a National Cooperative Policy, and a scheme for truck drivers.

Towards a stable and expanding economy

“Within a decade, we have brought Bharat from 11th to fifth largest economic power,” the manifesto said. “This was possible due right policies, focussed execution, and meticulous planning. We guarantee that Bharat will be the third largest economic power.”

The BJP also committed to staying on the path of ensuring low inflation, high growth, and fiscal prudence. In addition, it said it would lay a renewed focus on expanding employment opportunities in the country.

“We are committed to increase employment, self-employment, and the enhancement of livelihood opportunities for our citizens,” the manifesto said.

The BJP’s push towards making India the third-largest economy also includes increasing its exports, establishing India as a trusted partner in the value chains of other countries, and revamping commercial and tax legislation “to suit our needs”.

A ‘product nation’ and manufacturing hub

The manifesto said that, under the Make in India programme, India has seen “good” success in the electronics, defence, mobile, and automobile sectors.

“We will work towards making Bharat a global manufacturing hub and enhance employment in these crucial sectors,” it added.

One of the most notable steps it promised was to leverage India’s expertise in product design and complement it with growing its manufacturing capabilities to become a “product nation’ that can not only design but also manufacture products”.

“Based on the principles of PM-Gatishakti, the government shall develop industrial cities in different industrial corridors for balanced regional development,” the manifesto said. “This shall promote industrialisation of backward regions of the country.”

The overall manufacturing thrust mentioned in the manifesto includes expanding domestic manufacturing capabilities in various sectors such as food processing, defence, railways, civil aviation, ship-building, pharmaceuticals, electronics, semiconductors, automobiles and electric vehicles, and textiles.

Easing doing business for MSMEs, small traders

The BJP manifesto said that it would use the digital infrastructure already in place in the country to create a “robust and easy” digital credit solution for MSMEs.

Another significant promise is to reduce the compliances for small traders and MSMEs to enhance their ease of living and doing business, including working with state governments to encourage them to simplify state-level legislation.

The BJP’s promises to ease the process of doing business for MSMEs and traders also included a commitment to simplify the Goods and Services Tax portal to increase accessibility to users, especially MSMEs and small traders.

“We will expand the network of Dak Ghar Niryat Kendras to provide easy export facility to MSMEs, small traders, and Vishwakarma families,” the manifesto said.