Making India the World’s 3rd Largest Economy!

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In the Lok Sabha Election 2019, BJP has promised to build long-term frameworks of governance, to create growth opportunities for all the citizens of India in different aspects of life, to upgrade the social/physical infrastructure, improve the international stature of India and last but not at all the least, to secure the deprived sections of the society through a basic safety net.

With the noble aim of making India as the World’s 3rd largest economy, BJP has promised in various segments which are explained below-

  • Make In India- BJP has launched ‘Make in India’ campaign with the objective of making India a technology-driven, skill supported knowledge-based society. Also, it has implemented ‘One Nation, One Tax’ policy which has made the taxation under a single tax bracket making it flexible and transparent.

BJP aims to make India a global manufacturing hub in the next five years, for which it is planning to take the following necessary steps-

  • For MSMEs, special attention will be given. In order to focus on Industry 4.0 for updating to electric mobility and artificial intelligence and improve the services and manufacturing, the party will announce a new and improved industrial policy.
  • Will amend Companies Act for the ease of doing business and incentivize compliance of law to include procedural defaults of minor shape and civil liability for technical which will clear the majority cases from the court session.
  • Will invest in creating networks/clusters to high competitiveness in the cutting edge industries and will support government incentives & public procurement to promote job creation along with building these clusters.
  • To work hard in the path of taking India’s rank in the World’s Top 50 ranking in Ease of Doing Business Index where presently it stands the 65th place.
  • Tax Policy- BJP aims to continue the economic policy of decreasing the tax rate and improving compliance i.e, expanding the tax base which helps in acknowledging the honest taxpayers. Following this policy, in 2013-14 the tax to GDP ratio has increased from 10% to 12% and this revenue has been redistributed for infrastructural and towards the need of the poor.
  • Roadmap for 5 trillion dollar economy- India has enjoyed macroeconomic stability and grabbed the 6th position of the world’s largest economy. BJP aims to take India in the 3rd position by 2030. That means it promises to make our nation a US $5 trillion economy by 2025 and the US $10 trillion economy in 2032. The ruling government has been successful in reducing the average fiscal deficit as GDP% from 5.4% to 3.7% during the period of 2009-14 to 2014-19.
  • Investment of Rs. 100 lakh crore- The ruling party aims to build India on the pillar of investment-driven growth. So, it plans to broaden the security net for the poor and capital investment. It plans for a capital investment of Rs. 100 lakh crore by the year 2024 in the infrastructure sector. With the cleaning up of the banking system and placing the inflation at 4% will clear the space of structural reduction in the capital cost which will lead to the path of investment-driven growth.
  • GST- The party will continue the process of GST or Goods and Service Tax (GST) simplification which lowers the tax rates and increases the revenue collection specifically for States. According to the records, GST revenue has geared up to 50% in 3 years as compared to the base year 2015-16.
  • International Trade- BJP promises to adopt new scanning technology, introduce self-declaration and relax the clearance procedures to guarantee faster customs clearance of international cargo. It also promises to cater to the exporters and export organizations with competent institutional and financial support in order to build capacity and providing them the necessary information to assure unhindered exports.
  • Globally Promoting Yoga- It will celebrate 21st June as the International Yoga Day to globally promote Yoga. Also, it plans to broaden the Yoga research, Yoga tourism, training for Yoga practitioners and Yoga health hubs. It believes that Yoga is a mode of spiritual rejuvenation and physical wellness.
  • StartUps & Entrepreneurship- To boost the practice of entrepreneurship amongst the younger generation, the ruling party promises to launch a new scheme which will give the entrepreneurs with collateral-free credit up to Rs. 50 lakhs. Also, it will assure 25% of the loan amount for the male entrepreneurs and 50% of the loan amount for female entrepreneurs.

The party will encourage entrepreneurial ventures initiated by people from ST, SC, and other economically backward sections and promote ‘Stand-up India’ initiative. Also, it promises to encourage take forward the Startups created under ‘Seed Startup Fund’ of Rs. 20,000 crores. Moreover, it promises to provide financial support and generate employment to the small, micro and medium industries in the North Eastern states by setting up a new scheme named ‘Entrepreneurial Northeast’.

As India is one of the World’s largest Startup ecosystems, so the ruling party promises to encourage it through-

  • Creating 100 Innovation zones in the Urban Local Bodies
  • Simplifying the regulatory needs for the startups
  • Establishing 50,000 new startups along with setting up of 500 new accelerators & incubators in India by 2024
  • Targeting the time that is spent on tax compliance at 1 hour each month
  • Encouraging innovations by adopting global skills and practices and upgraded technologies along with increased engagement with the startups by initiating the ranking of State Govt, departments, Central Ministries and CPSUs.
  • Micro, Small and Medium Enterprises or MSME- To encourage the MSME sector, the ruling party had launched the Credit Guarantee Scheme which assures loan to MSME. It promises to take up the credit amount of Rs. 19,000 crore in 2017-18 to Rs. 1,00,000 crore by 2024. As technology access, as well as its upgradation, is a key part of MSME sector, so, the skilling and technology centers of NSICs and MSMEs incubation will promise to provide the high-level skill to more than 6 lakh people each year. The ruling government has promised to expand 150 ‘Technology Centres’ round the country by 2024. These technology centers would be exposed to Robotics, Virtual Reality, Artificial Intelligence, Block Chain Technology, Internet of Things and Zero Defect Zero Effect.

Towards the welfare of small traders, the ruling party promises to-

    • Provide an accident insurance worth of Rs. 10 lakh to all the registered traders under GST to safeguard the small trader’s interests.
    • Ensure the growth of retail businesses, it promises to design a National Policy for Retail Trade and establish National Traders’ Welfare Board.
    • Regulate the Kisan credit card, a scheme will be adopted which will give a merchant credit card to registered merchants.
  • Tourism For Cluster Services- The ruling party promises to identify natural or cultural specific places and upgrade them as a comprehensive destination which would use tourism to provide cluster services. It aims to integrate and interconnect restaurants, hotels, transport connections, entertainment, and other necessary services. So, the hospitality and travel industry must work together with agencies/schemes like local government, forest department, ASI and Swachh Bharat. Also, it promises to upgrade all the UNESCO heritage sites of the nation to the level of international standards. BJP aims to conserve the ecological uniqueness and cultural importance of the North Eastern States and other places and develop them.
  • Transparent Economy- The ruling party promises to continue their work of cracking down the Benami properties and illegal foreign bank accounts to protect the poor and the honest taxpayers. Also, it promises to accelerate actions to bring back economic offenders back in India to investigate their crimes.

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