THE main opposition party has vowed to promote national security, political stability and economic development with a fair deal for all sections of society should it be voted into office at next summer's general elections. According to the resolution adopted after the annual meeting of the Hindu fundamentalist Bharatiya Janata Party (BJP), the party is opposed to the entry of foreign banks, insurance companies and food and soft drinks manufacturers. Its economic policies stress developing indigenous capabilities and controlling the inflow of multinationals. But the BJP made its strongest stand on national security, saying it would initiate a nuclear weapons programme and significantly strengthen the country's military. It has promised to expedite the production of Prithvi, the indigenously developed surface-to-surface missile, and to make fully operational Agni, the 2,000-kilometre range ballistic missile. The development and production of both missiles have been deferred by the Government under pressure from the United States. The BJP is the largest opposition party, with 117 MPs in the 544-seat Parliament. Political analysts say that although no single party will win a majority in the elections, the struggle for power will be between the BJP and the ruling Congress (I) and their respective allies. 'The national security will has never been as diluted as it is today under Prime Minister P. V. Narasimha Rao and never before has India been ruled by such a supine government,' the BJP's deputy parliamentary leader, Jaswant Singh, said yesterday at the party's annual meeting in the western city of Pune. He said India was surrounded by hostile neighbours and it was essential it refurbished its deteriorating military machine. The party accused the Government of letting military equipment become obsolete and consistently reducing the defence budget. Defence spending accounts for 6.88 per cent of the Gross Domestic Product of Pakistan, against India's 2.39 per cent. The BJP's hawkish nuclear stand, to counter Pakistan's weapons programme, runs counter to New Delhi's long-time push for global disarmament. India exploded a nuclear device in 1974 but has maintained it did so to harness nuclear energy for peaceful purposes and has no intentions of building weapons. It also refuses to sign the Nuclear Non-Proliferation Treaty, saying it is discriminatory. As a consequence, Pakistan - reported to have an advanced nuclear weapons programme - also refuses to sign. Meanwhile, the scramble has begun to raise funds for what are expected to be India's most expensive elections. It is tipped they will cost political parties more than 15 billion rupees (HK$3.79 billion). Analysts say most parties are relying less on official collections and more on unofficial channels, routing funds through individual politicians. According to an opposition MP, the money declared by party treasurers represents only a small part of the total funds available. The remainder is mostly in cash and unaccounted for. And, with polls now months away, deal-making has reached its peak - with most industrialists and businessmen hedging their bets in doling out contributions.