According to economists at Citi, the Bharatiya Janata Party's (BJP) election manifesto lacks significant "big-bang" economic reforms. In their note, they pointed out the absence of references to reforms such as changes in labor and land laws under the BJP's "Modi ki Guarantee" poll manifesto.
Instead, the manifesto promises to focus on job creation, infrastructure development, manufacturing expansion, and welfare programs like subsidized loans for small businesses. While this focus is noted, Citi economists, including Samiran Chakraborty and Babar Zaidi, expressed disappointment over the absence of more substantial structural reforms in key areas like land, labor, agriculture, privatization, and foreign investment liberalization.
However, they suggested that these reforms might be announced later. With the Lok Sabha elections scheduled to begin on April 19 and continue in seven phases until June 1, with results expected on June 4, most brokerages, including Citi, anticipate the BJP-led NDA government to secure a third term.
While acknowledging the manifesto's emphasis on continuity rather than change, the economists noted the BJP's aspiration to position India as a significant player in global manufacturing.
