NEW DELHI: Union Finance Minister Arun Jaitley on Thursday hinted that BJP’s election manifesto, which is expected to be released in the next few days, will have several sops for the manufacturing sector.
“Wait for two-three days, when our manifesto comes out, you may find some of our views expressed on that,” Jaitley said at the annual summit of the Confederation of Indian Industry (CII) in New Delhi. The comments were in response to a question on what measures would be taken to boost the manufacturing sector if the ruling government comes back to power.
In the last five years, while India Inc largely supported the government’s economic policies, it had admitted to the disruption caused in the manufacturing sector by demonetisation and the introduction of Goods and Services Tax.
Sensing the growing disenchantment in the sector, especially in the smaller and medium businesses, the Congress party, in its recently released manifesto, has sought to “devise a rehabilitation plan for MSMEs that were severely affected and help them revive and grow.”
The Congress manifesto has dedicated a considerable portion for the manufacturing sector in general and MSMEs in particular. The manifesto also has set a target of increasing the share of India’s manufacturing sector from the current level of 16 per cent of the GDP to 25 per cent within a period of five years.
This is likely to build some pressure on the ruling party, with all eyes on its yet-to-be-released manifesto.
Jaitley also hinted at special sops for the agriculture sector, adding that a separate mechanism is required to address agrarian crisis. He added that the government, if voted to power, would maintain the current fiscal deficit glide path.
“I am quite clear in my mind that at least on two issues, we had good fiscal prudence and we brought the rates down. In these are two areas, if we are in power, we will continue the same glide path,” Jaitley said.
“If back in office for the next five years, we have to set our targets clear,” he said.
The party is likely to release its manifesto in next week and insiders say it is busy giving finer details. In 2014, the BJP had released the manifesto on April 7, which was the first day of nine-phase election.