BJP leader and Rajya Sabha MP Subramanian Swamy when asked to describe the country's latest tax reform GST (goods and service tax), he said that GST is "the biggest madness of the 21st century that has happened in India." in a statement on Wednesday, 19th February 2020. He added that India needs a growth rate of at least 10 percent per annum so that it can become a superpower by the year 2030.
Subramanian Swamy had also asked that our former Prime Minister, late P V Narasimha Rao, should be honored with the highest civilian award, the privileged Bharat Ratna, for all of the reforms he had introduced in our country while he was in office.
When asked to speak on "India - an Economic Superpower by the year 2030" that had been organized by the PragnaBharati, Swamy said in a statement that even though India had achieved an 8 percent growth rate from one time to another, there still has been no significant improvement of the reforms brought in India by the Congress leader.
"So how do we get that 3.7 percent of efficiency factor to make use of the investments. We do that by fighting corruption and giving rewards to those who invest. However, there is no need to terrorize the investors with the income tax and GST, the biggest madness of the 21st Century."
He further said, "This GST is so complicated that nobody understands all the forms that they need to fill and where. Moreover, they want these to also be uploaded to the computer. When someone from Rajasthan, Barmer came, He had asked how can I upload when we don't even have electricity in our homes.
Swamy said, "So I replied to him saying 'upload it on your head and go to the Prime Minister and tell him this thing' " when asked about improving the levels of efficiency of the investments.
He even said that the country should grow at 10 percent per annum for the next 10 years to become a superpower. If India reaches this momentum, it will overtake the Chinese economy and will compete with the United States for the first position in the coming 50 years.
Swamy had also said that the problem our country is facing currently is a shortage of demand because people do not have much purchasing power that results in hindering the economic cycle of the country.
"If we want to achieve a 10 percent growth rate, then the investment rate to the GDP needs to be 37 percent and the efficient factor should be about 3.7 percent and not five percent as it is currently," the MP said. He had suggested that the Income Tax must be abolished if they need to remove corruption and make sure they reach a higher economic growth.
While he is trying to pitch Narasimha Rao for the Bharat Ratna, the BJP leader made a statement that the former Prime Minister of India, Manmohan Singh, as the finance minister in Narasimha Rao's cabinet had implemented those reforms during the 1990s.
"After that, the country has achieved 8 percent from one time to another time. But there has been no improvement in the reforms implemented by Narasimha Rao.
Picture Source: The Hindu, DNA India