Subramanian Swamy, “GST is the biggest madness of the 21st century”

Date:

Trending

Describing India’s latest tax reform GST as “the biggest madness of the 21st century,” BJP leader and Rajya Sabha MP Subramanian Swamy on Wednesday said that the country needs to grow at 10 per cent per annum to become a superpower by 2030.

- Advertisement -

He also demanded that former Prime Minister, late P V Narasimha Rao, be given the highest civilian award, the Bharat Ratna, for the reforms he introduced during his tenure.

Speaking on “India – an Economic Superpower by 2030”, organised by the Pragna Bharati here, Swamy said though the country had achieved eight per cent growth from time to time, there had been no improvements on the reforms brought in by the Congress leader. “So how to get that 3.7 per cent (efficiency factor to utilize investments)? (We need to) fight corruption, second, reward those who will invest. Don’t terrorise them (investors) with income tax and this GST, which is the biggest madness of the 21st century.

This GST is so complicated (that) nobody understands which form to fill where. And they wanted it to be uploaded to the computer. Somebody came from Rajasthan, Barmer…He said we don’t have electricity, how can we upload? So I said upload it on your head and go to the Prime Minister and tell him,” Swamy said on improving efficiency levels of investments.

He opined that India should grow at 10 per cent per annum for the next 10 years to become a superpower. If this momemntum continued, then it would overtake China and also challenge the U.S. for the number one position in 50 years, he said.

Swamy said the problem India currently faces is shortage of demand as people do not have money to spend, thereby hindering the economic cycle.

“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,” he said, suggesting that Income tax be abolished to remove corruption and achieve higher economic growth.

Pitching for the Bharat Ratna for Narasimha Rao, the BJP leader said that former Prime Minister Manmohan Singh, as Finance Minister in Rao’s cabinet, implemented the reforms in the 1990s.

- Advertisement -

“After (PV’s regime) that, we have been achieving eight per cent from time to time. But we have not improved on the reforms that Narasimha Rao brought in. We need to do it now. Your question is will we be an economic superpower by 2030 in 10 years? Of course we can,” he said.

Swamy said per acre agricultural output in India was less compared to many other countries due to lack of irrigation facilities.

THE SNAPSHOTS, IN YOUR INBOX

Get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

Support our independent journalism PayPal (Outside India) For PayU (For Indian Readers).

Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Coinbase launches COIN50 Index To Track Top 50 Cryptos On its Exchange

Leading crypto trading platform Coinbase on Tuesday announced the launch of the Coinbase 50 Index (COIN50), a regulated cryptocurrency benchmark designed to provide transparent...

Donald Trump To Shut Department of Education; Plans To Shift Responsibilities To States

President-elect Donald Trump announced on Monday that his administration intends to close the Department of Education in Washington, D.C., and transfer education responsibilities to individual states. In a video statement, Trump said, "Early in the administration, I'll be closing up the Department of Education in...

The Trump Effect: Crypto Market Hits $3 Trillion Market Cap; Bitcoin Surges $87K, While Ethereum Stood At $3k

Following Donald Trump's presidential election victory, the cryptocurrency market surged, reaching a whopping $3.02...

Tom Homan Old Video Goes Viral, After Donald Trump Taps Him As Border Czar

An old video of Tom Homan, former acting head of US Immigration and Customs...

UltraverseNFT Launches Sandalwood backed NFT for Eco-Conscious Investors

UltraverseNFT is proud to introduce its groundbreaking Sandalwood NFTs, designed to redefine eco-conscious investments...

Why BITBinvest.com is Expanding Worldwide & Capturing High-Profile Trader’s Attention?

BITBinvest.com has rapidly emerged as one of the leading companies in online trading, making...

VIDEO: Israeli PM Netanyahu Visits Lebanese Border, Promises Strong Action Against Hezbollah

During a recent visit to the Lebanese border, Israel's Prime Minister Benjamin Netanyahu highlighted...

“I Will End the War in Gaza,” Kamala Harris to Arab American Community

In a final bid to win over Arab American voters in the closing stages...
00:04:07

Protests Erupts in Valencia Over Deadly Floods in Eastern Spain

Over ten thousand people took to the streets of Valencia to protest against the regional government's mishandling of the devastating flood response, which resulted...

FULL SPEECH: Cardi B Addresses Kamala Harris Rally In Wisconsin

Singer Cardi B addressed a rally in Milwaukee, Wisconsin, showing her support for presidential...

Finzilo Review | 8 Trading Features That Make Finzilo Stand Out

When it comes to online trading platforms, choosing the right one can significantly impact...

Industry Veteran Jogajyoti Pati Joins OneIndia as Senior Director of Government Relations

OneIndia, India's number one digital vernacular portal, has appointed Jogajyoti Pati as the Senior...
00:00:25

Kriya: PM Netanyahu Closely Monitors ‘Military Operations’ On Iran

The Israeli Prime Minister's Office has released a new video showing Prime Minister Benjamin...
00:00:33

Iran Should Not Respond To Israeli Attack: UK PM Keir Starmer

The United Kingdom's Prime Minister Keir Starmer has requested Iran to avoid retaliation after Israel conducted airstrikes on several military sites in Tehran overnight. Speaking...

APP Reviews: Bengali Betting Sites

Recognizing the increasing demand for an exhilarating and convenient gambling experience in the Bengali language, a cadre of Bengali betting sites has emerged to cater to this burgeoning audience. This article explores the unique attributes of notable Bengal betting platforms, featuring industry leaders like...

Interactive Learning: Elevating Concept Clarity Through Online Education

In today’s digital age, virtual learning has taken center stage, with live online lessons...

Vehant Technologies’ Shailendra Kumar Singh On Leveraging AI To Tackle India’s Traffic Challenges

During an interview with our editorial team, Shailendra Kumar Singh, Business Unit Head ,...
00:00:00

Live: UN Security Council Meeting on Russia Ukraine Security

The members of the United Nations Security Council met on Monday to discuss the...

Rethinking IT Infrastructure in the AI era

The IT infrastructure landscape is undergoing significant changes in the AI era. Adopting AI...

TechGraph Introduces New Rates for Press Releases and SEO Articles

TechGraph has announced a new pricing structure for businesses looking to publish press releases...

UN Live: Gaza’s Right To Food & Water Being Violated

United Nations (UN) representatives Michael Fakhri, Pedro Arrojo-Agudo, and Balakrishnan Rajagopal briefed the press...

Identifying the Key Loopholes in the Current Digital Wallets

Digital wallets have evolved to meet the demands of decentralized solutions built with blockchain...

Serhii Tokarev’s Strategies for Improving Math Education in Ukraine

Mathematics is essential in many areas of life, from technology and space exploration to...

Customer Sentiment Analysis in Retail Banking: Leveraging Speech Analytics for Deeper Insights

Jeff Bezos, the Founder of Amazon, famously stated, “It is not the customer’s job...

Industry Veteran Jogajyoti Pati Joins OneIndia as Senior Director of Government Relations

OneIndia, India's number one digital vernacular portal, has appointed Jogajyoti Pati as the Senior...

United Nations Security Council Holds Meeting On Israel Middle East Situation

UN LIVE: Members of the United Nations Security Council meet to discuss the Israel...

Russian Producers Ready to Increase Fertilizer Supplies to India

Moscow, Russia: Russian companies are ready to increase fertilizer supplies to India, but the...
00:00:00

Live From Parliament: UK Deputy PM Angela Rayner takes PMQs

London News: The United Kingdom (UK) deputy prime minister Angela Rayner takes questions from...
00:00:21

‘Not Our King’ Australian Politician Lidia Thorpe Heckled King Charles

Following King Charles' keynote speech in the Australian parliament, Senator Lidia Thorpe accused the...
00:00:25

Kriya: PM Netanyahu Closely Monitors ‘Military Operations’ On Iran

The Israeli Prime Minister's Office has released a new video showing Prime Minister Benjamin...

Serhii Tokarev’s Strategies for Improving Math Education in Ukraine

Mathematics is essential in many areas of life, from technology and space exploration to...

A Connected GRC Approach is a Strategic Imperative for Modern Businesses

The approach to implementing GRC is rapidly evolving globally. The reason? Adapting to today’s...

Customer Sentiment Analysis in Retail Banking: Leveraging Speech Analytics for Deeper Insights

Jeff Bezos, the Founder of Amazon, famously stated, “It is not the customer’s job...