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BJP manifesto to maintain fiscal prudence, make India 3rd largest economy | Economy & Policy News



The BJP stated that it would promote exports through international cooperation, infrastructure development, and simplification of laws | Photo: ANI

The Bharatiya Janata Party (BJP) has promised it will continue on the path of fiscal prudence and remain committed to expanding India’s economic prowess after forming a government at the Centre, according to its manifesto released on Sunday.

“We guarantee that Bharat will become the third largest economic power,” the BJP stated in its election manifesto while outlining its plans for “Modi ki guarantee for prosperous Bharat.”

The BJP claimed that it had elevated the country from the fragile five to the top five economies despite global turmoil and the once-in-a-century event, the Covid-19 pandemic.

“This was possible due to the right policies, focused execution, and meticulous planning. We have demonstrated low inflation, high growth, and fiscal prudence over the last decade,” the BJP’s manifesto noted.

Helped by an improvement in tax buoyancy, the government managed to achieve a fiscal deficit of 5.8 per cent against the budget estimate of 5.9 per cent for the current financial year.

The government has set a fiscal deficit target of 5.1 per cent for FY24-25 to stay on track to meet the glide path set in 2021-22. The government aims to reduce the fiscal deficit to 4.5 per cent by FY26.

“We have strengthened our financial system, maintained fiscal prudence, and increased our foreign exchange reserves. We have successfully shielded our citizens from global price shocks and created a conducive environment for economic growth,” the BJP said.

In its manifesto, the party has promised to launch an exercise to completely revamp the economic and commercial legislation to suit the country’s economic needs. “We have substantially simplified the indirect and direct tax systems through simpler rules, new legislation, and the use of technology.”

The BJP stated that it would promote exports through international cooperation, infrastructure development, and simplification of laws.

The current government led by Prime Minister Narendra Modi has been in the process of revamping the Competition Law with a proposed Digital Competition Bill to bring ex-ante (preventive) regulations for curbing anti-competitive practices by Big Tech companies.

The BJP also added in its manifesto that it would honour honest taxpayers who have played an important role in strengthening the economy.

Fiscal Deficit report card

FY24 – 5.8% against budget estimate of 5.9%

FY25 Target – 5.1% of GDP

FY26 Target – 4.5% of GDP

First Published: Apr 14 2024 | 2:47 PM IST


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