FDI in retail not the only solution to boost economy: Gadkari | delhi | Hindustan Times
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FDI in retail not the only solution to boost economy: Gadkari

delhi Updated: Dec 15, 2012 22:12 IST
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Contending that FDI in retail was not the only solution to boost the economy, BJP chief Nitin Gadkari on Saturday said a strong political will is required to create a climate which encourages capital investment in the country.

"FDI in retail is not the only solution and economic reform. We have some reservations and that is why we have opposed it," Gadkari said, addressing industrialists at the valedictory session of 107th Annual Session of PHD Chamber in New Delhi on Saturday.

Lamenting that a "strange" kind of atmosphere prevailed in the country, the BJP chief said, "We are caught in a vicious circle and we have to come out of it. Thus there is need to create a good investment climate."

He said the 21st century politics is that of progress and development and called for bringing such policies that converted problems into opportunities to help make in the country an economic superpower.

"We need to bring a positive, development-oriented approach and fast track processes. For this we need a strong political will," he said.

Talking about FDI in retail sector, the BJP Chief said foreign companies will come and create pre-cooling plants, cold storage and godowns for storage facilities and wondered if the country even after 65 years of independence was not capable of creating such infrastructure like godowns.

Expressing hope that BJP will soon come to power, he urged industrialists to invest within and not invest in foreign shores as his party would bring about an industry and development-free atmosphere that will encourage investment.

Gadkari urged industrialists, "Don't go abroad, stay here. Soon we will come (to power). After coming to power we will bring such policies that will create industry, development free atmosphere."

He said the party was preparing a vision document for 2025 for the country and will have pro-investment policies.

"We should have an integral approach. Accentric approach will not work," he said.

Gadkari said this is the time the industry and agriculture should have synergies and help in eradication of poverty and increase employment opportunities. Seeking to help maintain a target of 12$ in GDP growth, he said good economic policies and good governance can make this happen.

"70 to 80 per cent corruption can be removed by using e-governance," the BJP leader suggested, adding that "there are a number of challenges before us in the coming times."

Lamenting that there was a fault in the policy making and legislation, he said there is no transparency in the system and there is no development-oriented approach.

No decision taken in time-bound manner in the present regime, he alleged.

Gadkari said the nine NDA-ruled states were contributing immensely in the GDP of the country and said if their DGP is taken out, then the present growth rate of 5.2% would fall even below 3%.

Referring to BJP-ruled states like Madhya Pradesh, he said its agriculture growth rate had swelled to 18 per cent after major changes in policy and development-oriented approach adopted.

He also said that nuclear power was very costly and suggested promotion of hydro power which was much cheaper instead.