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Subramanian Swamy: GST is the biggest madness of 21st Century
Hyderabad: Senior BJP leader and Rajya Sabha member Subramanian Swamy described the Goods and Services Tax (GST) as the biggest madness of 21st century. Nobody understands what to fill where in the GST forms, he said.
Swamy was delivering a talk on ‘India – An Economic Superpower by 2030” under the aegis of Pragna Bharati in Hyderabad on Wednesday, He said India needs to grow at 10 per cent, to be able to become a superpower by 2030. For this, radical reforms such abolition of income tax are required, he said.
“India is now facing the problem of lack of purchase power. There is a shortage of demand as people have no money to spend. This is hindering the economic cycle,” he analysed. The last one year of economic crisis had made up the mind that country has to do something radical like abolition of income tax, which would trigger savings, he elaborated.
Swamy stressed that investors should not be scared when it come to income tax and GST, and rather should be rewarded. “Don’t terrorise them (investors) with income tax and GST, which is the biggest madness of 21st century,” he commented.
“You want 10 per cent growth rate. Then, investment rate to the GDP should be 37 per cent and 3.7 per cent should be your efficiency factor and not five per cent as it is today. Efficiency in use of capital should be the objective,” he elaborated.
Lamenting that Prime Minister Narendra Modi does not think like him, he said, “My regret is that I am unable to persuade the PM to think like me. But, when all other methods fail, he would come to my method.”
Giving an example for the plight of traders, he said, “Somebody from Rajasthan, Barmer, came wondering how he could fill the GST form without having electricity. I told him to upload it on his head and go the Prime Minister and tell him.”
The senior BJP leader demanded that late former Prime Minister PV Narasimha Rao should be honoured with the country’s highest civilian award Bharat Ratna for the economic reforms he had introduced in the country. Though the country had achieved 8 per cent growth rate from time to time, there was no improvement in the reforms brought in by Rao. He pointed out that the growth rate between 1947 and 1990 was a mere 3.5 per cent and attributed it to Jawaharlal Nehru who followed the Soviet model of economy that had failed even in the Soviet Union.
Source : Mumbai Mirror
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