Thursday, April 25, 2024

Industry Promotion - Congress 2024 Lok Sabha Election Manifesto

 





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INDUSTRY

In order to become a developed economy and create good quality jobs for hundreds of thousands of youth, it is critical that India transitions from a consumer economy to a producer economy. India must become a manufacturing powerhouse that produces goods and services for itself and the world. To this end, beyond economic and business factors, the most vital ingredient is social harmony that will attract investments and a skilled labour force. It is thus no surprise that in the last 25 years, India’s manufacturing share of GDP has been higher during the Congress rule. On the contrary, in the last 10 years (2014-24), the share of manufacturing has stagnated at 14 per cent.

1. Congress resolves to make India a manufacturing hub by raising the share of manufacturing from 14 per cent to 20 per cent of GDP in the next five years.

2. The most immediate objective will be to restore a healthy, fearless and a trustworthy climate for businesses. While a Congress government in 1991 abolished industrial licensing and controls, the independent regulatory regime that was put in place has deteriorated into a system of overt and covert controls. We will conduct a comprehensive review of the current rules and regulations and repeal or amend them in order to restore freedom to industry, business and trade.

3. Congress will aim for India attaining a position of leadership in multiple industries such as steel, metals, garments and textiles, cement, automobiles, electronic goods, pharmaceuticals, engineering goods, petroleum products, chemicals, and mining rare earths and critical minerals.

4. According to the RBI, nearly 60 per cent of the large central government projects have been stalled or delayed and costs have risen by nearly 5 lakh crores. Congress will address the problem in a mission-mode and find ways and means to revive the stalled projects with the help of the private sector.

5. Congress will reform the production-linked incentives (PLI) scheme to target specific sectors that can create thousands of jobs by making India one of the top 5 producers in the world in that sector.

6. We will introduce a new employment-linked incentive (ELI) Scheme for corporates to win tax credits for additional hiring against regular, quality jobs.

7. We will give the highest priority to intellectual property rights and to the registration, acquisition, protection and use of IPR in small, medium and large businesses.

8. Congress will create a level playing field for all businesses. We are opposed to monopolies and oligopolies. We will strengthen the Competition Commission of India in order to ensure that India will be an open and competitive economy.

9. Congress will simplify the corporate taxation structure and end tax terrorism. We will restrain the investigating agencies from misusing their powers to reward or punish corporates and ensure that they act within the strict limits of the law.

10. We will encourage and support the use of Artificial Intelligence, robotics, etc. which will create new and frontline jobs. At the same time, we will ensure that there are more job opportunities in sectors that use conventional technology.


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Comments

The industry promotion measures are not comprehensive.


No identified policies for promotion of PSUs, micro sector firms, small scale firms, medium scale firms and large companies.


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