As BJP completes a decade in power, Ashwani Mahajan, National Co-convenor of Swadeshi Jagran Manch, shared exclusive insights with Moneycontrol on India's economic trajectory under the NDA rule, the opening up of the economy, highlighting the shift towards self-reliance and the significant role of brand Modi.
Economic transformation to 'Atmanirbhar Bharat'
Mahajan highlights the increasing openness of the current economic landscape, emphasising the commitment of BJP to 'Atmanirbhar Bharat.' According to him, the government has been supporting domestic industries through incentives for the past 3-4 years.
The policy interventionist pointed out that the current economic landscape is more open than ever, with many sectors opening up. He emphasised that BJP is committed to 'Atmanirbhar Bharat'. According to him, the government has been supporting domestic industries through providing incentives for the past 3-4 years.
Mahajan speaking on the political discourse shifting towards welfare policies in the run-up to 2024, and whether this could accelerate in the run-up to the 2024 general elections, said, "Agree that the government is opening up economy more and more, it is on the path of 'Atmanibhar Bharat'. Opening up of different sectors is an ongoing process. We are in favour of giving more incentives for the domestic industries. And this government has been doing this for the last 3-4 years. This government has followed this Atmanirbhar path for the economy to be self-dependent. This is showing in the economy. If you look at the previous two GDP growth figures, we can see significant growth in manufacturing. This is the result of production-linked incentives."
Stability and investor confidence: The Modi brand impact
Discussing the stability in the economy, Mahajan credited PM Modi for inclusive policies that have reached even the remotest parts of the country. Initiatives like building three crore houses and providing 10 crore LPG connections have brought transformative changes to rural areas, he also said, adding the party's stability is reflected in positive market behaviour.
"This is going towards stability and investors like stability to be there and markets are behaving in positive. Where is this stability coming from? It is the Modi brand. Modi brand is about inclusive policies seen in the deep interiors of this country. Building 3 crore houses and giving 10 crore LPG connections is not small. Har ghar nal is revolutionising rural areas," Mahajan said.
Controlling inflation and boosting the economy
Mahajan highlighted India's ability to control inflation, unlike other countries facing rising prices. He attributed this check-in price rise to the government's independent foreign policies and measures to keep fuel and food inflation in check. Controlling inflation, he argued, benefits everyone, especially the economically vulnerable. The Modi brand signified a developing India focused on 'Viksit Bharat', Mahajan said.
Mahajan on what is at stake for the common man with the state assembly election results, said, "The US and other countries did not see the inflation that they are seeing in their countries now. India has been able to keep prices under check for two reasons - by controlling fuel inflation and food inflation. Fuel inflation is purely due to independent foreign policies of the government. And, keeping the food inflation under control is pushing the economy to get the boost. The whole world is facing high-interest rates. In India with inflation under check, interest rates could come down. Inflation affects every and the poor class is more affected. Brand Modi means viksit Bharat."
Expectations from Interim Budget: Inclusive policies over freebies
Ahead of the upcoming interim budget, Mahajan noted that the Modi brand does not endorse freebies. He interpreted the recent state election results as a rejection of freebies, saying that voters emphasised their preference for inclusive policies. Inclusivity, he predicts, will play a significant role in the 2024 elections as people prioritise security and envision the continued development of India.
"Modi brand does not believe in giving freebies. I see these state election results as a rejection of freebies and a vote for inclusive policies. Inclusivity is going to be a big factor in 2024 elections People feel secure and they are willing to see India as a developed country. Keeping inflation under check is a big achievement for this government. It will remain a priority. If you compare the average inflation rate with 10 years of UPA, you will see a big difference. 8.6 percent inflation in the 10 years of UPA and hardly 5.5 percent in the 10 years of NDA. This makes all the difference," Mahajan said on whether he expects any big bang announcements in the upcoming interim budget.
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