THE CONGRESS PARTY'S PRIORITIES, PLANS AND PROGRAMMES

INDUSTRY

Revival of industrial growth is of paramount importance. Incentives for boosting private investment will be introduced. The system of approvals of foreign direct investment will be made more transparent. Indian industry will be encouraged in every manner to enhance its global presence. Competition, both domestic and external, will be deepened across industry with professionally-run regulatory institutions in place to ensure that the competition is free and fair. These regulatory institutions will protect the interests of consumers.

The Congress will strengthen the public sector in key, strategic areas, including infrastructure. It will help public sector companies in these areas to emerge as global companies. There is still an important role for the public sector as a venture capitalist in new and emerging areas. Public sector companies that can he revived through new management will be identified. The great advantage of the public sector still lies in starting new projects, while the great advantage of the private sector lies in running them commercially. Public-private synergies will be fostered.

The Congress will approach privatization selectively. Disinvestment will not be resorted to merely to raise revenue to meet short-term targets, as the NDA has been doing. Disinvestment revenues will be used for designated social development programmes. The Congress will ensure that disinvestment increases competition and consumer welfare.

The Congress will establish a National Manufacturing Competitiveness Council to provide a continuing forum for policy interactions to energise and sustain the growth of the manufacturing industry like food processing, textiles, engineering, consumer goods, pharmaceuticals, leather, capital goods, industrial machinery and IT hardware. A massive push will be given to the applications of IT particularly. Household and artisanal manufacturing industry that is the lifeline of many towns and cities across the country will be modernized and given greater technological, investment and marketing support.

The Congress is committed to a modern, world-class financial sector that also fulfills social  objectives. Competition in the financial sector will be expanded. Public sector banks will be given full managerial autonomy. Banks will be encouraged in every way to expand lending, particularly to agriculture, agro-industry, value-added agriculture, small-scale industry and infrastructure. Interest rates must be such so as to stimulate not just investments but is also provide adequate returns to savers.