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Covid-19 update: BJP calls for new manufacturing policy to revive economy
Gopal Agarwal, the BJP’s spokesman on economic issues said India is poised to take advantage of the global scenario if it works out a new policy to give its manufacturing sector a fillip.
The Bharatiya Janata Party (BJP) has submitted a report based on consultations with stakeholders and industry leaders to the Centre and suggested a new manufacturing policy to help India revive its economy as well cut its dependence on imports particularly from China, people aware of the matter said.
It held consultations with four groups of stakeholders between April 3 and 10 to suggest the way out of the current economic crisis caused by the Covid-19 pandemic. The report collating the feedback was submitted on April 10.
Gopal Agarwal, the BJP’s spokesman on economic issues who was part of the discussions, said India is poised to take advantage of the global scenario if it works out a new policy to give its manufacturing sector a fillip.
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“Many countries across the world are looking for a risk drive divergent strategy. They consider India a good place for their manufacturing companies to shift. What we need now is a new manufacturing policy, because we have already lost some ground to countries such as Bangladesh and Vietnam,” he said.
Agarwal cited discussions with stakeholders and industry leaders and said the two issues that come up were the need for an immediate fiscal stimulus package and for reviving the manufacturing sector so that global companies find India a ready market.
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“There are many bottlenecks that we need to remove. The cost of acquiring land and the legal and procedural delays that come with it is an issue that needs to be resolved. Similarly, we need reforms in the labour sector. The cost of business is high; we need to rationalise expenses incurred on power and infrastructure costs,” he said.
