The Congress Party will focus on reducing subsidies, rationalising the foreign direct investment policy further, liberalising labour laws, and working on boosting manufacturing and employment if elected back to power.

Even if it has to sit in the Opposition, the party will remain committed to what is good for the nation, unlike the present Opposition that keeps blocking important decisions, Commerce & Industry Minister Anand Sharma said.

“In the past five years, all our decisions were challenged. Partisan politics has done India a lot of damage,” he said.

Unveiling the Congress’ economic agenda for the forthcoming Lok Sabha elections at the National Council meet of the Confederation of Indian Industry, Sharma said there should be a time-bound agenda for clearance of pending Bills by the next Lok Sabha.

“The list of Bills to be cleared has to be prepared with honest commitment,” he added.

After opening up multi-brand retail for FDI, the Government is now pushing for FDI in the Railways. “We are waiting for clearance of the Cabinet Committee on Security,” Sharma said.

Acknowledging the need to curb expenditure, the Minister said subsidies have to be phased out to get back to the growth path. There is a need to make Indian industry more competitive and the UPA will also address concerns over low investment rate. “Boosting manufacturing and creation of jobs are our top priority,” Sharma said, adding old and archaic labour laws need to be changed.

On the issue of pending tax disputes with foreign companies including Vodafone, Nokia and Shell, Sharma said that while taxes due to the Government should be paid, he was not in favour of retrospective changes. Admitting that the policy to impose taxes on special economic zones (SEZs) was not well-timed, the minister said the decision on taxing should have been aligned with the Direct Taxes Code and not preceded it.

Commenting on the budget, Sharma said he hoped that it will instil confidence very firmly among the electorate.

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