Restructure investment promotion board
Our Political Bureau
Mumbai, Dec 29: The Bharatiya Janata Party on Monday stressed the need for restructuring the Foreign Investment Promotion Board (FIPB) and reiterated that it will not encourage foreign investments in consumer non-durables at least for 10 years.BJP, a party in the waiting to assume power at the centre, said that its economic agenda includes dismantling of licence-permit raj or internal liberalisation, creating a level playing field for Indian entrepreneurs, private sector involvement in infrastructure -- both physical and social and above all administrative reforms. The BJP national executive committee member and in-charge of the economic wing, Jagdish Shettigar told The Financial Express that his party would not review the existing projects in consumer non-durables like soft drinks and food processing. However, it was against new investments for at least 10 years. "After 10 years, if domestic industries fail to improve, foreign investments will have to be allowed in this sector," he added. Shettigar
said his party was in favour of an "umbrella" policy for each sector and was against a case to case approach. "Such an approach leads to corruption," he added. Shettigar criticised the United Front's policy on the World Trade Organisation (WTO) and added that his party would renegotiate with other countries the present terms. "We oppose giving up political sovereignity," he stated, adding that his party was opposed to present arrangement on the patent rights. Shettigar said his party would soon formulate a minimum programme and set up a steering committee to work jointly with its electoral allies after assuming power at the centre. He made it clear that his party's coalition was different from the UF government as the BJP was a major party leading a conglomeration of other like-minded parties.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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