Manifesto Comparison, General Elections 2014 (2 of 9) : Economy

Current situation : The Current Economic situation of country can be summarised as follow :

  • Economic growth is at 10 year low of 4.5% in 2012-13.
  • Manufacturing sector is growing at less than 1%.
  • Rupee and Current account deficit (CAD) is now stable
  • After Subsidies and Interest payments, The next government is expected to get less than 20% of total tax revenues for development projects.

Stand of major parties upon economic issues

Congress :

  • Bring back India to 8% inclusive growth rate.
  • Bring “Direct Tax Code” and “Goods and Services Tax (GST)” Bills.
  • Will ensure 10 crore new Jobs.
  • Bring down the Fiscal deficit to 3% of GDP by 2016-17.
  • Speed up the Industrial Corridor Projects.
  • Waive off all taxes on Central and State exports.
  • Set up a National Investment Facilitation Authority to be headed by Prime Minister.

BJP :

  • Push for Fiscal autonomy of states.
  • Additional Tax benefits and higher interest rates for Senior Citizens.
  • Will review labour laws.
  • Will develop Tourism, Textiles, Footwear, Food-processing and electronics assembly Industries.
  • Will Prohibit FDI in retail sector.
  • Will implement fiscal discipline, banking reforms and bring all state governments on board for GST(Goods and Services Tax).
  • Will bring national land use policy also make a single window for project clearances and speedy environment clearances.
  • Will work towards greater efficiency of FCI to tackle price rise.

CPI (M) :

  • Manufacturing Sector growth to be given a high priority.
  • GST to be implemented only after ensuring a higher rate for states to partially correct the present fiscal imbalance.
  • Prohibiting FDI in Retail trade, also prevent backdoor entry of FDI.
  • Make provisions to stop acquisition of domestic industries using FDI.
  • Work towards bring back Black Money stashed in swiss banks and other offshore tax havens.

AIADMK :

  • Will take action to rescind FDI in retail.
  • Ensure that no disinvestment of PSUs is done.
  • Share of manufacturing sector in GDP to be increased to 30%.
  • Increase the Income Tax Exemption limit to Rs. 5 Lakhs.

AAP :

  • Will increase Tax: GDP ratio.
  • Will not allow contractual employment for year round jobs.
  • Will control inflation by curbing Black money and Black markets.
  • Will provide Pro-competitive markets.


TMC : 

  • Strongly opposed to FDI in retail sector.


Note: Thecontent produced here is taken from The Hindu. Writers of Know India have not changed the content in any way. Points of other national parties were not included as either their manifestos were not released (BSP) or they are small in their presence (NCP). For full comparison (which we will release in 9 volumes) can be seen at 

http://www.thehindu.com/multimed…

– Every Vote Counts, Choose Wisely.

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