The political party will be launched by October 2 and a six-member committee has been formed for this purpose, Yadav said.
Addressing the concluding session of a two-day Abhiyan national convention here, Yadav said, "We were never secretive about going political. A decision to launch a political party was taken with nearly 93 per cent of the delegates at the convention overwhelmingly supporting it.
Yadav, however, clarified that Swaraj Abhiyan will continue to exist even after the new political party is launched. Although the decision to launch a party has been taken by the delegates, the two will function independently.
The duo, however, parried questions on whether the new party will contest the Assembly elections in five states, including Punjab, which are going to polls next year.
Yadav and Bhushan were sacked from AAP in April last year for "anti-party" activities. They had hit out at AAP chief Arvind Kejriwal questioning his "supremo style of working" and "lack of transparency" in the party.
"We should fight elections when we have done enough groundwork, be visible so that people can identify with us. We should contest polls only when we think we can win," Bhushan said.
Yadav, however, said this does not mean that it will not contest polls at all.
"We will look for alliances, but that will be only with people's movements or party that have taken birth from such movements," he said.
"I am not a part of this (Swaraj Abhiyan) political party. I have extended my support to alternative politics, which is not a forte of any single political party. Anyway, I have been suspended by the AAP," Gandhi said.
He, along with another party MP Harinder Singh Khalsa, was suspended by AAP for aligning with Swaraj Abhiyan.
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"We will not repeat the mistakes made by the Aam Aadmi Party. The new party will not have a party supremo system, which is why you can see not a single picture of anyone is there on the banners," Bhushan said.
Yadav said Swaraj Abhiyan's several fronts like the 'Jai Kisan Andolan' for farmers, the 'Aman Committee' for promoting social harmony and the newly launched 'Youth for Swaraj' and 'Shiksha Swaraj' will work in their respective areas.
Making clear the ambitions to get into student politics, Yadav said that Youth for Swaraj will have its presence in over 100 varsities across the country.
Noted lawyer Kamini Jaiswal, journalist Sumit Chakravarty and former Chief Electoral Officer of Uttar Pradesh Noor Mohammad have been appointed as Lokpal of Swaraj Abhiyan, he said.
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