Congress initiated liberalisation in 1991 with a new Industrial Policy. Taking note of changes in both the global and the Indian economy, Congress promises another radical, forward-looking Industrial Policy.
The BJP Government mouths empty slogans. Its record is dismal in terms of the growth rate of Industry sector GVA and gross capital formation in the Industry sector. Congress promises to reverse these disappointing trends.
- Congress promises to increase the share of India’s manufacturing sector from the current level of 16 per cent of GDP to 25 per cent within a period of 5 years and to make India a manufacturing hub for the world. Congress believes that anything that can be made in another country can be made in India. Congress promises that it will adopt policies, formulate rules, levy taxes and reward entrepreneurship that will make India a renowned centre of manufacturing.
- Congress will work with State Governments to set up New Industrial Towns with the required infrastructure and turn them into manufacturing hubs for a variety of industrial products.
- We will announce policies that will help India retain its leading position in the manufacture of engineering goods, petroleum products, gems & jewellery, drugs & pharmaceuticals, garments & textiles and chemicals.
- We will announce policies that will help India gain a leadership position in steel, metals, cement, machinery, electronic goods, computer hardware, automobiles etc.
- Congress will announce a ‘Make for the World’ Policy under which foreign and Indian companies will be invited to invest in ‘Exclusive Export-only Zones,’ manufacture and export their entire production, pay no indirect taxes and pay a low rate of corporate tax.
- As the UPA did from 2004 to 2014, we will make a determined effort to revive stalled projects and bring locked-up capital to use and generate employment.
- We will promote the manufacture and export of India’s traditional products like handloom products and handicrafts that employ lakhs of persons.
- Congress will acquire patents, create a patent pool and make advanced technologies available to small and medium businesses.
- Controls have crept into the system in the name of regulations. Congress promises to do a quick review of the rules and regulations made by the BJP Government in the last 5 years and repeal as many of them as are necessary to free industry and business from the ‘Control Raj.’
- In the last 5 years, tax authorities have been given extraordinary discretionary powers that have throttled industry and come to be described as ‘tax terrorism.’ Investigative agencies have misinterpreted the laws and have instilled fear among businesspersons. Congress will review these discretionary powers and arbitrary actions and take steps to allow industry and business to function with a large degree of freedom.