NEW DELHI, January 30: The United Front (UF), in its economic manifesto, has adopted a cautious path by avoiding all issues that may become a source of conflict among its constituents. The manifesto steers clear of any commitment on continuing the reforms process, indicating that the Left parties have had their way.The manifesto reiterated its commitment to the common minimum programme (CMP) and said it would take all measures to protect the domestic industry, guarantee greater employment and protect and strengthen workers' rights, if voted to power.
The manifesto, released here on Friday, seems to have joined competitive populism by promising a 5 per cent rebate on interest charges on loans to farmers by all financial institutions (FIs). The government would bear the cost of the interest subsidy.
This would improve recycling of funds by the FIs, to be created exclusively for providing credit and investment to agriculture, the manifesto states. It says the UF's prime objective will be to ensure"foodgrain in every home; every Indian, healthy and literate and every child in school".
It renews the pledge that "self-reliance has been an article of faith since Independence and the UF government will adopt such growth-oriented policies that lead to greater self-reliance".
Pointing out that the "fundamental bottleneck" inhibiting speedy industrialisation of the country is the restrictive limitations of its domestic market, the UF promises it will seek to expand it by "empowering the vast majority of people with enlarged purchasing power".
Stressing that this is possible only through the implementation of radical land reforms as they will "in one stroke ensure higher productivity in the agricultural sector and improve the living standards of the people dependent on agriculture", the manifesto assures the Front will spare no efforts to persuade state governments to implement the land reform legislations.
Apart from this, the manifesto offers many other promises for the agriculture sector. Allrestrictions on movement of agricultural commodities within the country would be removed to help farmers take advantage of price variations, it states. It also promises the establishment of an agriculture price-stabilisation fund with an initial capital of Rs 500 crore to lend money to state marketing boards to make purchases from the farmers, whenever prices of agricultural produces fall below remunerative levels. The manifesto stresses that the public sector will be streamlined and continue to play an important role in the industry. The process of PSUs reforms would be continued to make it more efficient with professionalised management and the participation of workers in it management, the manifesto says.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
