BJP's Vision: Ban on multi-brand retail FDI will not deter investors

Dear Modi For PM circle members,

It is my pleasure to join this local circle. I had the wonderful opportunity of authoring the BJP 2014 Election Manifesto under the Chairmanship of Murli Manohar Joshi.

Look forward to working together with the members of this circle on your inputs and participation.

Rajendra Pratap Gupta
Twitter @rajendragupta
Facebook www.facebook.com/rajendragupta

Here is the piece on BJP's vision on Multi Brand Retail FDI as published in ET today
http://economictimes.indiatimes.com/opinion/comments-analysis/bjps-vision-ban-on-multi-brand-retail-fdi-will-not-deter-investors/articleshow/34654829.cms?curpg=2
--------------------------------------------------------------------------------
BJP's Vision: Ban on multi-brand retail FDI will not deter investors

By: Rajendra Pratap Gupta

The Bharatiya Janata Party (BJP) has spelt out its vision and priorities in its election manifesto. It has a clear governance and development roadmap, and economic revival is a top-action item on our agenda. Essentially, we have pledged to meet the development aspirations of 122 crore Indians.

A few politicians say that BJP always favours industrialists and investors, but being involved in the writing of the manifesto since 2009, one can assure everyone that all policies of the party for economic revival are guided by three overarching objectives: job creation (central to our economic model), asset creation and boosting GDP growth as well as import substitution and reducing the current account deficit.

To reboot India's growth engine, we must make agriculture profitable, boost manufacturing, invest in infrastructure and address issues of skilled manpower as also availability of credit. We must bring governance reforms to support the investor community, besides a host of other initiatives, to ensure that the country becomes the preferred investment destination globally.

The BJP has spelt out unambiguously that it will define a working framework to end the policy- and decision making paralysis. The Foreign Investment Promotion Board (FIPB) would be made more efficient, investorfriendly and also ensure there is ease of doing business. Also, BJP has clearly articulated that FDI would be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialised expertise, including select sectors in defence.

For investors, there is a clear assurance of an environment where approvals are fast-tracked. Red tape will be cut out and frameworks will be clearly spelt out for decision-making, so that there is no scope of favour, fear or corruption.

There will be a clear tax policy roadmap, and "tax terrorism" unleashed by the UPA will come to an end. Overregulation would be addressed to end harassment of businessmen and traders, making it hassle-free for investors — small, medium or large.

BJP has also committed to improving the logistics infrastructure and power supply that is critical for production and faster movement of goods, address issues related to labour laws in consultation with all stakeholders, and address the shortage of skilled manpower. The thrust is to raise public spending on R&D and incentivise R&D investments by industry to increase competitiveness of the manufacturing sector.


India is a developing country and has a dynamic business environment where the ecosystem is evolving. BJP understands this and will set up a mechanism for a regular governmentindustry dialogue. Also, responsibility and accountability will be an integral part of the system. Besides winning the confidence of investors, BJP is committed to raising incomes for the working class so that people have better living standards and can afford to spend more money. This will boost GDP and jobs.

Also, we will open up government and draw expertise from the industry, academia and society into services. Amajor thrust on policy would be to end the high level of frustration prevalent among those dealing with the system — be it an investor or the ordinary Indian.

India has about 13 millions retailers that provide employment to about 50 million people in the country. At this point in time, these retailers are not in a position to withstand the competition from big-box retailers and, so, the BJP is committed to enhancing the competitiveness of the small traders and retailers. The challenges posed by allowing FDI in multi-brand retail far outweigh the benefits offered by big-box retailers. Moreover, there will be no level playing field if we allow FDI in multi-brand retail. This is the sole reason for barring FDI in this specific segment.

Being involved with policy-making within the BJP and the thinking behind the policy decisions, one sees every reason for investors to be delighted at the prospect of having a BJP-led government.

The writer, a public policy expert, has authored BJP's election manifesto under the chairmanship of Murli Manohar Joshi. more