1. Time for major economic reforms, says BJP leader Subramanian Swamy

Time for major economic reforms, says BJP leader Subramanian Swamy

The Bharatiya Janata Party (BJP) leader and Rajya Sabha MP Subramanian Swamy on Monday said time had come to think of major economic reforms in India for the sake of the country.

By: | Published: May 17, 2016 10:32 AM

The Bharatiya Janata Party (BJP) leader and Rajya Sabha MP Subramanian Swamy on Monday said time had come to think of major economic reforms in India for the sake of the country.

“It is about time we think of major economic reforms to set our house in order,” Swamy said in his lecture on ‘India in global economy’, organised by city-based NGO Delhi Study Group here.

Swamy said the country should utilise its strengths to achieve a high economic growth.

“Let’s utilise our strengths. Agriculture is our greatest strength. Besides, we have a young labour force,” he said.

Swamy said India may look for agricultural and dairy product exports to the US and Europe.

He also called for a level playing field for developing countries like India.

“Currently, the US and Europe have several trade restrictions. We will have to fight for a level playing field at forums like the World Trade Organisation,” he said.

“They want their cheap capital to flow into India but resist migration of our cheap labour to their places,” he said.

Swamy also blamed Reserve Bank of India’s Governor Raghuram Rajan for non-availability of cheaper capital in the country.

He said Indian competitors stand no chance against cash-rich multinational corporations like Walmart unless they get capital at the same rate.

“They get capital at two percent interest. In India, the interest rate is 12 percent or even higher, thanks to Raghuram Rajan,” Swami said.

On May 12, Swamy said Rajan should be removed as RBI governor since he was responsible for the “rise in unemployment and collapse of industry”.

  1. S
    satish
    May 18, 2016 at 7:51 am
    India should focus on autarky. Instead, the Indian government bureaucrats, including at RBI are bent on making India dependent on foreigners and do not consider Indians good enough while enjoying all state benefits. Rajan only talks of problems in India but never offers any solution. The ONLY way for India to become the No. 1 economy in the world is to follow my eleven step guideline:1. The first and foremost is a total tax reform. Elimination of all direct taxes, octroi, capital gains tax, state entry tax. GST rate should be less than 10%, ideally at 8%.2. The RBI interest rate should be no more than 4% with commercial bank lending rates no more than 6%.3. Indirect taxes should be no more than 12%.4. Government, both central and states should charge for the services they provide.5. The absolute size of the government, both central and states should be decreased on year on year basis.6. The government should get out of running businesses, airlines, etc. Navratna company holding by the government should be less than 25%. Executive decisions should be left to professionals. The IAS lobby should be removed from management.7. Young, unemplo youth should be involved in either the defence sector, including air force, army, navy or in sports, focusing on getting Olympic medals rather than Cricket, or in artistic pursuits. 8. Education standard should be nationalized with certain minimum qualifications compulsory for any job. Proficiency in English should be mandatory.9. Government should focus on industrialization with USA as the benchmark. It should aim to achieve supremacy over USA in every sector.10. Education and especially higher education should be world cl, with aim for becoming the education center of the world.11. And last but not the least, RESERVATION in jobs and promotion, and higher education should be permanently removed.Of course, none of the above is likely in the next 50 years. The only option left for the intelligentsia is to abandon all hope and the country.
    Reply
    1. S
      satish
      May 17, 2016 at 4:00 pm
      It is the fundamental responsibility of the FM and RBI to ensure prosperity for all Indians - over everything else. This requires mive industrialization, zero dependency on foreigners and jobs for all working age men and women. The inequality that is caused by lack of education, lack of jobs, lack of access to good healthcare also lowers the standard of living and makes India only a "developing" country on a perpetual basis. The FM and RBI should *do what it takes* to realize the dream of prosperous India. And that means, making the Rupee stronger, lowering the interest rate (hence increase the money supply) and target the increased money towards rapid industrialization of the country. For your information, even if we achieve a growth rate of 17% y.o.y, after ten such years, we would be where China is today! So you must understand, that we have LONG way to go to achieve this. And surely, RR does not even come close to make us realize this dream. All he does is make the ignorant mes drown in ic RBI slang that achieve absolutely nothing. 1. Rajan has singlehandedly destro the Indian economy. Instead of focusing on creating employment, he has wrongly focused on retail inflation caused due to supply constraints. He has choked the Indian consumer so much, that the consumer will forever be the little guy. 2. Rajan says NPAs are bad, and yet the NPAs have increased exponentially during his reign. Why shouldn't he be held accountable for that? What has he done to understand the problem of NPA? Can he not understand that high interest rates has caused the NPAs in the first place? Of course he understands this, therefore his intentions are not good. 3. Rajan has increased reserves of fiat currencies and has allowed rupee to fall to record lows instead of making the rupee stronger, increasing gold reserves and reducing fiat reserves. This is proof enough that he is clueless about what makes a wealthy nation. Conclusion: Rajan is the worst governor India has ever had, and probably will ever have. MMS is having a last laugh. After RR is gone, India must focus on autarky. Instead, the Indian government bureaucrats, including at RBI are bent on making India dependent on foreigners and do not consider Indians good enough while enjoying all state benefits. I don't think the PM has the intellectual capacity to understand Dr. Swamy.
      Reply
      1. v
        varghese.al
        May 17, 2016 at 7:47 am
        useless fellow uttering such nonsense
        Reply

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