a really simple name, like aam aadmi party, will be good because it makes a big impression and the name itself conveys the goal.

I would suggest

Bharatiya Party
Aam Logon ki Party
Logon ki Party

seems funny, but look, now even Aam Aadmi Party sound like a good name. These names will acquire a similar magic, if a person of high morals and character like Anna Hazare runs it.