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Subramanian Swamy: GST ‘the greatest madness of the 21st century’ | India Business News

HYDERABAD: In describing India’s latest tax reform, GST (goods and services tax) as “the greatest madness of the 21st century,” the leader of the BJP and Subramanian deputy Swamy of Rajya Sabha said Wednesday that the country needs to grow at 10 percent annually to become a superpower by 2030.

He also demanded that the former Prime Minister, deceased P V Narasimha Rao, receive the highest civil award, the Bharat Ratna, for the reforms he introduced during his term.

Speaking about “India: an economic superpower for 2030,” organized by Pragna Bharati, Swamy said that although the country had achieved 8% growth from time to time, there had been no improvement in the reforms introduced by the leader of Congress.

“So, how to get that 3.7 percent (efficiency factor to use investments)? (We need) to fight corruption, secondly, to reward those who will invest”

Do not terrorize (investors) with the 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 out and where.

And they wanted it to load on the computer.

Someone came from Rajasthan, Barmer … He said we have no electricity, how can we go up?

So I told him to put it on his head and go to the prime minister and tell him, “Swamy said about improving investment efficiency levels.

He opined that India should grow to 10 percent annually over the next 10 years to become a superpower.

If this momentum continues, then it would surpass China and also challenge the United States for the number one position in 50 years, he said.

Swamy said that the problem that India is currently facing is a shortage of demand, since people have no money to spend, which makes the economic cycle difficult.

“You want a growth rate of 10 percent, so the investment rate to GDP should be 37 percent and 3.7 percent should be your efficiency factor and not five percent as it is today,” he said, suggesting that the Income Tax be abolished to eliminate corruption and achieve greater economic growth.

By launching Bharat Ratna for Narasimha Rao, the BJP leader said former Prime Minister Manmohan Singh, as finance minister in Rao’s cabinet, implemented the reforms in the 1990s.

“After (of the PV regime), we have achieved 8% from time to time. But we have not improved the reforms that Narasimha Rao introduced.”

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 that agricultural production per acre in India was lower compared to many other countries due to lack of irrigation facilities.

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