 "Modinomics: BJP likely to rejig welfare schemes to link them to creating assets")
It is Narendra Modi’s day out as the BJP’s Prime Ministerial Candidate will reach out the business and investor community today and give a brief view of what he plans to do for the country as far as the economy is concerned.
This is going to be an unofficial glimpse into what the BJP proposes to do as far as the economy is concerned were it to be voted to power. In the later events, he will also talk about fiscal deficit and taming the current account deficit and what the BJP hopes to do to move away from the unbridled borrowing program that they accuse the UPA of having indulged in over the last 10 years or so.
Modi is basing his economic agenda on the principle of minimum government, maximum governance. There is going to be a huge emphasis as far as infrastructure is concerned. The focus is going to be on revitalising the Indian infrastructure story. Outside infrastructure, Modi is also likely to give a glimpse into how the BJP proposes to take forward the UPA flagship schemes.
Schemes like NREGS and the other welfare schemes like the Food Security Act will be in focus.
It is learnt that while the BJP is not going to do a U-turn because all of these schemes are active in Parliament today. They may remodel these welfare schemes to actually link them to creating assets.
BJP is absolutely clear that there is no turning back on their opposition for FDI in retail. They also believe that India should not be an economy that is FDI driven. So, while they welcome FDI they are not certain about being an FDI driven economy. He will also talk about fiscal deficit and taming the current account deficit and what the BJP hopes to do to move away from the unbridled borrowing programme that they accuse the UPA of having indulged in over the last 10 years or so. The Congress blames Narendra Modi for sabotaging the goods and services tax (GST) and Narendra Modi perhaps is going to pitch that promise of implementing the GST if the BJP comes to power.
As far as other taxes are concerned, maybe he will give us a glimpse into what the BJP could do as far as personal income tax is concerned, as far as direct taxes are concerned. With the Direct Taxes Bill maybe we could get a glimpse of the BJPs ideas on that.
Narendra Modi is going to make a pitch to investors, to the business community that the BJP is good for business, the BJP is good for growth and the BJP will try and propel the economy and steer the economy back to high rates of growth, employment, job creation, dealing with aspirational India. That is likely to be the focus of the BJPs economic agenda and economic philosophy.
