India’s BJP election manifesto lacks plans for structural economic reforms, Citi says

Indian Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) skipped any reference to structural economic reforms, such as changes to labour and land laws, in its manifesto ahead of elections, Citi economists said in a note on Monday. The BJP promised to create jobs, boost infrastructure and manufacturing and expand welfare programs such as low-ticket subsidised loans to small businesses if it wins a third term. "It could be a bit of a disappointment that the "big-bang" structural (but contentious) reforms of land, labor, agriculture, privatization, opening up to foreign investment etc did not find any mention in the manifesto," Citi economists Samiran Chakraborty and Babar Zaidi said, adding that these could be announced at a later stage.