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Left could wave red flag on reforms: Goldman Sachs

Left could wave red flag on reforms: Goldman Sachs
PTI
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First Published: Sun, Apr 19 2009. 07 51 PM IST
Updated: Sun, Apr 19 2009. 07 51 PM IST
New Delhi: Global financial firm Goldman Sachs does not expect any major shift towards unfriendly market policies if the Congress or the BJP comes to power at the Centre, but fears rolling back of reforms if coalition, including the Left assumes charge of the union government.
“We conclude that whether the Congress or BJP were to come to power as dominant parties in a coalition, there is little likelihood of a major policy shift which could be market unfriendly,” a research arm of Goldman Sachs said in its latest report.
However, if the Left were to come to power as part of a coalition, significant market unfriendly proposals could possibly be put forth, said Goldman Sachs Global Economics, Commodities and Strategy Research. On a broad level, there do not seem to be major differences between the Congress and BJP, it said.
Commenting on the respective manifestos, it said the Congress is focusing on rural and social sectors, especially its rural employment programme and implementing a uniform Goods and Services Tax (GST).
The BJP appears to be concentrating on pro-business policies - free trade, infrastructure development, adoption of IT, and urban reforms.
The Left’s manifesto seeks to increase taxes on the wealthy, have a much larger role for government, administered prices and credit roll back privatization and foreign direct investment, Goldman Sachs said.
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First Published: Sun, Apr 19 2009. 07 51 PM IST