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Upendra Bharti | HENB | Kochi | Oct 6, 2019: It’s a great hope that Hindusthan (India) can be economically more powerful than China in few years with other related social fields. The Chinese model of economic growth has become obsolete and if India can get its act together in the next six months, we can overtake China in only three to four years, said economist and BJP Rajya Sabha MP Dr Subramanian Swamy.
“India has an opportunity to become a developed country and challenge the US economy by 2050, but we have to improve our infrastructure facilities and multiple complex tax system. As we have demand problems, we should empower people to have a greater purchasing power. The recent decision of the Union Government to give concessions to the corporate sector is wrong. Instead, we should abolish personal income tax, which has become a nightmare for most people,” he said while addressing young entrepreneurs at the valedictory meet of TiEcon Kerala entrepreneurship meet at Le Meridian Convention Centre here in Kochi (Kerala) on Saturday.
Dr Swamy’s hint clearly indicates that Hindus can be most powerful economic power within 2050 and Chinese economy will be less powerful in short time than Bharat or Hindusthan, i.e. India, if Swamy’s formulas are well maintained.
The government has set a target of growing the country into a $5-trillion economy by 2024. To achieve the target, we have to grow at the rate of 14.4 per cent per year. But our growth rate is barely 6 per cent now. No Prime Minister after Narasimha Rao has brought radical changes in the economy. The BJP government has focused on microeconomic projects like rural electrification and toilets. If we want to address our problems like unemployment and lifting the majority of the population from below the poverty line, we need macroeconomic projects, said Dr Swamy.
According to him, India has the potential to grow at 10 per cent for the next 10 years to become a developed country. “Unless we recognise it is a macroeconomic system and facilitate interactions and interlinks between the industry and various systems of the economy, we will continue the mistakes we have been committing,” said Swamy.
India should raise resources through auctioning of spectrum and coal blocks. There are many sectors where we are not pricing our products according to the market. India’s agricultural pricing is much lower than Japan and the US. We should ensure that the rate of interest on fixed deposit is raised to 9 per cent. Interest on loans should not be more than 9 per cent. If we do this, funds will start flowing and the economy will revive, he said.
Criticising the policies of RBI former governor Reghuram Rajan, Subramanian Swamy said Rajan kept on raising the interest rates on the plea that inflation was pushing hard, we have to control money supply. But the rising interest rate led to the collapse of the small and medium industries.
At the sideline of the programme, expressing his indirect dissatisfaction to present Union Finance Minister Nirmala Sitharaman, Dr Swamy indicated that the present FM would be the same one as the former FM Late Arun Jaitley, who practically ruined the Indian economy from the estimated target. Dr Swamy always criticized Arun Jaitley as a harmful element for Indian Economy upfortunately supported by PM Modi.
Dr. Swamy, an Harvard PhD, acted as a professor there, a renowned economist and expert of China affairs, recently prescribed his 5 point panacea to revive Indian economy in his recent book, RESET: Regaining India’s Economic Legacy.
Swamy have been emphasizing these five point plan viz. 1. Abolish personal income tax 2. Reduce prime lending rate to 9% 3. Raise bank term deposit rate to 9% 4. Make corporate R&D & employees children education expenditure tax deductible 5. Print notes liberally for infrastructure construction, so the Indian economy can grow at 10 per cent per year for achieving holistic self-reliance including full employment and produce nuclear weaponry.
If this can make Hindusthan and its majority people, obviously Hindus, the strongest economic class in the world, it is not understandable why Modi-Shah-Sitharaman trio and some Swadeshi Jagran Manch proponent like S Gurumurthy are opposing Dr Subramanian Swamy’s plan in a die hard situation.
The eminent Hindutva interlocutor and Hindu Existence Website Editor, Upananda Brahmachari opined that some Congressi bureaucrats in E Block (ND) and RBI do not want to good revival of Indian economy in BJP regime.
“The bureaucrats in Central Secretariat are still influenced by Congressi culture and vice. The strong US and Chinese lobby in India are acting to harm Indian economy in many ways. The Gujarati lobby in Business is not ready to welcome Swamy’s plan to reset for regaining India’s economic legacy to be in the top of the world, as Gujaratis may slip some stairs down. It is unfortunate that Modi-Shah-Sitharaman are opposing Swamy to hinder the greatest Hindu Empowerment in World Economy,” Brahmachari opined.
In a telephonic conversation with HENB, Brhamachari condemned the present Modi Govt for ignoring Swamy’s invaluable social and economical suggestions given to PM Modi and his Ministry time to time.
Brahmachari also criticized the Pradhan Sevak (PM Modi) for acting really as the prime servitor (pradhan sevak) of some big business tycoons like Ambani, Adani, Birla, Chandta, Puri and others.
“The huge switch over of Rs 1.76 lakh crore from RBI to the GOI in one go in the name of meeting the fiscal deficit or the need of infrastructural development is nothing but a huge scam only to satisfy the hunger of big business houses in a veiled way. This huge surplus of 1.76 lakh crore of RBI has been accumulated from the tears, toil, blood and savings of the Indian public. Public has every right to share this benefit. So, Modi Govt must present detail of this received surplus on public domain on quarterly basis,” Brahmachari emphasized.
Brahmachari hoped that Modi-Shah-Sitharaman would realize the importance of Dr Swamy’s suggestions to make Bharat and Hindus as the most powerful Economic leaders in World Economy within next two decades.
___With inputs from TINE.