Very common and very minimum

To emphasise the 8220;collective8221; aspect, the entire spectrum of UPA and Left leaders formed the backdrop at the Panchavati auditorium at 7, Race Course Road when the UPA chairperson Sonia Gandhi first introduced the CMP and the Prime Minister later read out its salient features.

While several features of the CMP8212;the decision to repeal POTA, the promise to enact a National Employment Guarantee Act, comprehensive protective legislation for agricultural workers, pledge to raise public spending on education to 6 of GDP via a cess on Central taxes, and 8220;remove communalization of the school syllabus8221;8212;were in keeping with the UPA8217;s 8220;secular and progressive8221; credentials, issues relating to privatisation, fiscal policy, capital markets and economic reforms were also addressed. On the controversial issue of privatisation of PSUs, the CMP promised to retain existing 8220;navratna8221; companies in the public sector. But its formulation that 8220;generally profit-making companies will not be privatised8221; leaves open the option of divesting non-navratna PSUs in the future. It emphasised that all privatisations 8220;will be considered on a transparent and consultative case-by-case basis8221;8212;and the Prime Minister mentioned the Centaur Hotel sale as an example of 8220;non-transparency8221; of the previous government.

In order to revive industrial growth, the CMP promised incentives to boost private investment, actively encourage FDI 8220;the country needs and can easily absorb at least two to three times the present level of FDI inflow8221;, and strenthen regulatory institutions to ensure competition. The section on capital markets said financial markets 8220;will be deepened8221; and also underlined the importance of FIIs8212;despite the Left8217;s objection to this line in the previous draft. The final CMP states: 8220;FIIs wil continue to be encouraged while the vulnerability of the financial system to the flow of speculative capital will be reduced.8221; On economic reforms, the CMP reiterated Singh8217;s oft-repeated commitment to 8220;economic reforms with a human face8221; that stimulates growth, investment and employment.

On fiscal policy, the UPA government committed itself 8220;to eliminating the revenue deficit of the centre by 2009, so as to release more resources for investments in social and physical infrastructure. 8221; All subsisides, it added, 8220;will be targeted sharply at the poor and the truly needy like small and marginal farmers, farm labour and the urban poor.8221; In reply to a question, the Prime Minister said 8220;subsidies for agriculture cannot be done away with8221; and pointing to the widespread farmers8217; distress added: 8220;I cannot pronounce that I8217;ll get rid of subsidies.8221; He, however, said subsidies would be reviewed in a manner that 8216;8216;allows growth8221; but is 8220;fiscally responsible.8221; The CMP also indicated that the UPA government will focus on savings and may discontinue the policy of slashing interest rates on bank deposits.

Interest rates, it promised, 8220;will provide incentives both to investors and savers, particularly pensioners and senior citizens.8221;

The new government will also 8220;never take a decision on EPF without consultations with and approval of the EPF board.8221;

In keeping with the Left demand, it said LIC and GIC will continue to be in the public sector and play a social role, while the 8220;social obligations imposed by regulatory bodies on private banks and private insurance companies will be monitored and enforced strictly.8221;

While the above may please the leftists, the CMP does not meet their demand of 8220;renegotiating8221; WTO agreements. Instead, the document states: 8220;Commitments made earlier will be adhered to, even as efforts are mounted to ensure that all agreements reflect our concerns fully.8217;8217;

On foreign policy too, the final CMP took into account suggestions from the Left regarding 8220;multi-polarity8221; and traditional ties with West Asia, but refused to dilute the pro-US stance or adopt an explicit anti-Israel one.

According the 8220;highest priority8221; to building closer ties with South Asian neighbours, the CMP stated that 8220;dialogue with Pakistan on all issues will be pursued systematically and on a sustained basis8221; and :outstanding issues with Bangladesh will be resolved.8221; In view of the presence of the pro-Tamil Dravidian parties in the UPA, it also notes that the government will support peace talks in Sri Lanka 8220;that fulfil the legitimate aspirations of Tamils and religious minorities within the territorial integrity and solidarity of Sri Lanka.8221;

Privatisation
CMP draft

8226; All privatisation on a case-by-case basis, profit-making PSUs like GAIL and ONGC not be privatised

Left

8226; Clear commitment not to privatise profitable PSUs and those in core sector, besides navratnas

Final

8226; Profit-making companies not to be privatised. All privatisation on transparent, consultative basis. Navratnas to be in public sector

NDA

8226; Disinvestment will continue to enhance and realise the hidden wealth of PSUs8230; Restructuring of PSUs to enhance profitability

Labour
CMP draft

8226; UPA rejects automatic hire and fire. Some flexibility has to be given to industry in labour policy, ensuring workers are protected

Left

8226; No automatic hire and fire. Delete the reference to flexibility

Final

8226; UPA rejects automatic hire, fire. Changes in labour laws may be needed but these must fully protect workers

NDA

8226; Strengthen welfare, training and employment-creation provisions

Foreign policy
CMP draft

8226; Maintain independence of foreign policy, closer strategic and economic engagement with the US

Left

8226; Break with BJP policy. Correction to detach from strategic plans of US and promote multipolarity

Final

8226; Closer ties with US, a Palestinian state, no Indian mercenaries in Iraq. UPA to maintain independence of foreign policy

NDA

8226; Future multipolar world order with India one pole. Broaden, deepen multi-dimensional relations with USA

Employment
CMP draft

8226; National Employment Guarantee Act: at least 100 days of employment on public works every year at minimum wage for every rural household

Left

8226; Until the act comes, implement food for work

Final

8226; National Employment Guarantee Act

NDA

8226; 1 crore employment and self-employment opportunities each year

Power
CMP draft

8226; Public investment in infrastructure up, role of pvt sector expanded in power distribution

Left

8226; Privatisation including distribution of power should not be encouraged. Revise provisions of Electricity Act 2003

Final

8226; Review of Electricity Act. June 10 deadline for replacing SEBs extended. Greater role for pvt generation, distribution

NDA

8226; Reforms envisaged in Electricity Act to be completed before end of 2004

FDI
CMP draft

8226; Country needs and can easily absorb at least two to three times present level of FDI inflows8230;Financial markets will be deepened. FIIs will be encouraged

Left

8226; Welcome FDI to promote new technology, 8216;8216;Encouraging FIIs8217;8217; need not be there

Final

8226; FDI sought in infrastructure, high-tech, exports8230;FIIs encouraged, reduce vulnerability to speculative capital

NDA

8226; No specifics except FDI limit in insurance will be revisited to widen India8217;s insurance sector, strengthen global linkages

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