New Delhi: BJP MP Subramanian Swamy has said Prime Minister Narendra Modi should make him the finance minister because the PM “does not understand economics”. On Finance Minister Nirmala Sitharaman, he said the “less said the better”.
Swamy also took a dig at former RBI governor Raghuram Rajan, calling him “that mad fellow from America” who kept increasing the interest rate because of which “the capital cost of funding went up and small and medium industries started closing down”.
Speaking at the 8th edition of The New Indian Express’ ThinkEdu Conclave in Chennai Thursday, Swamy criticised Sitharaman. “Economics is a macro subject where one sector has an impact on the other sector impact. That you have to understand. You can’t just go to JNU, get a degree and learn anything.”
Referring to his description as “the best finance minister we never had”, Swamy said, “Tell Mr Modi to try and experiment with me.”
“He (Prime Minister Narendra Modi) has to make me the finance minister because he doesn’t understand economics. (About Nirmala) Sitharaman less said the better…,” he remarked.
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‘Economy is a serious problem in the country’
Swamy said he has known Modi since 1972 and both are cordial with each other. “But my problem is I am not only an economist but I am also a politician and If I get the finance ministry and do well, people are afraid I might turn around and say well now I am saturated with finance ministry please give me the prime ministership and that is something he doesn’t want,” he said.
Commenting on the state of economy in India, the Rajya Sabha MP said, “…the economy is a serious problem in the country and it should get first priority.”
Elaborating on the measures that he believes are required to revive the economy, Swamy said economics is a “very strange science”. “There is no such thing as a straight-line answer. Supposedly, I increase interest rate like that mad fellow from America Raghuram Rajan. He went on increasing the interest rate. But what were the other consequences? The capital cost of funding went up and small and medium industries started closing down.”
He added, “Today, our problem is really the demand problem. But Nirmala Sitharaman goes and gives tax exemptions to the corporate sector. Problem is not the corporate sector, the problem is where the purchasing power is to be spent. The best thing you can do today is to abolish income tax completely. We must also increase the fixed deposit interest rates. You will then see the economy will boom.”
Asked why his party, BJP, does not acknowledge that the economy is in a bad shape, Swamy said: “You said I am the best finance minister we never had. You tell Mr Modi to try and experiment with me.”
Pointing out that he is a bigger Hindutva icon than PM Modi, he said he means what he says, “unlike Modi”.
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IS THERE A MINISTRY FOR MENTALLY RETARDED PEOPLE ? ONLY A MENTALLY RETARDED PERSON CAN TELL A RETARDED ONE FROM ONE NOT RETARDED
Definitely he will become FM. He will perform well,he saved nation from somany scams.he is stubborn, dedicated, words and actions co-ordinated,best hindutva, renowned economist from Harvard. patriotic, straight forward. After all he is best
He got a big mouth… No real work he have to attest whatever he goes on saying
He’s the reason we opened up our markets from socialist knots back in 1994
Self appreciation&_boasting is,an icon of foolishness.
Economics is not a hard science like physics. You cannot predict the behaviour of economy like the revolution of planets. Swamy’s suggestions have their logic but they are socially regressive. In a poor country like India not taxing the rich is a crime. For the BJP Swamy is an unreliable man. Please read his 2000 article on the RSS in the Frontline called “The RSS Game Plan” and the 1998 Outlook article “Shy Vajpayee Hates Swamy”. Swamy only likes himself and his ideas. He considers only one person intelligent and capable, which is unfortunately himself.
This narcissistic braggart keeps advocating the ban of income tax. Anybody who has gone thru a basic Economics 101 course knows that Income tax is a progressive tax, while consumption taxes like Sales Tax/GST are regressive taxes. Progressive taxes are seen as reducing inequalities in income distribution, whereas regressive taxes can have the effect of increasing these inequalities. This so called Economics genius tries to pull the wool over a majority of ignorant Indians by deliberately ignoring this humane fact.
I was looking for a socialist and I found you. Do you really think income inequality is a cause of less demand and unemployment?? Its simple as soon as you progressively tax the rich and upper middle class, they start moving to other countries. There should be some justification of progressive taxation. Are we giving all people universal healthcare or offering them some other Quality of Life boosting services. Nopes, the national services in India are restricted to the very poor. So if you just want to penalize me for earning more and by the way also employ semi-skilled non-productive labour, I would rather fold my business in India and move my assets to China. Keeping rich industrialists happy is important in India is important as then those people will employ new people and give them jobs.
Just remember America did not become an economic stronghold because of socialism. That happened because of capitalism. A capitalist economy taxes more to the people who spend more. But will you stop spending because things are expensive? No spending is more like an addiction. Do you even know that if you earn more than 70 lacs you pay 40% as income tax. And that money then goes to some BS govt spending like making statues or excessively investing in defense budgets. Don’t fill the government treasury so much that is unnecessary.
Sri Swamy is correct. Bharatiyas will resist becoming part of ANY tax net, direct or indirect, because they see government, the way it is now, as arbitrary and wasting their hard-earned money to advance their own electoral and parochial interest VIA FIAT, not via any democratic dispensation.
YSR works for his evangelical ends, Mamata and the Kerala or Marxists, when in power, work for their own narrow goals, and so forth. ‘Government’, ” sarkar bahadur, e.g. Mayavati, throws out prizes and crazy projects like her own statues, spending public money. The Bharatiya janata that pays taxes is not stupid nor ill-informed, UNLIKE THAT SEGMENT of the JANATA that pants for the largesse, the apparently fee lunches from Sarkar Bahadur at the drop of a hat.
This is what allows for the existence of a grey+ black economy that is at least 2-3 times of the formal economy. Modi clearly understands that, or should, being from Gujarat, and having being its CM. There is no way to curb this informal economy and nor should it be curbed unless we develop robust engines of economic growth. Neither Swamy, nor ICRIER , nor arrant scoundrels and mentally deficient satanic elements like Manmohan Singh and the satanic cohorts arrayed around him, have the least idea of what these robust engines could be and could free our motherland from the talons of an international economic order gone mad.
It will take many more world wars and terrible pain for this stranglehold of the English-educated elite, to which I also belong, to wither, and the idea, that only we know best what is good for our nation, and that only we know everything about economics, science, growth, and all there is to know about anything at all, to come to an end.
Swamy, for example, understands nothing about our agricultural crisis, but feels Israel has the keys to our salvation. I understand very little, but feel we need to invest a lot more in people who understand keenly the relationships between the principles of thermodynamics and the principles governing economic theory, and agriculture and our food policies.
But I am also one of those who feel I know very little overall, a microscopic point on a pie of cosmic proportions. NOT EVEN THAT MUCH SINCE I AM NOT THE DOER, NOR THE KNOWER, and i mean this most sincerely. That is the big difference between Swamy and me. He is very much his own man, despite being in contact with the most holy Mahaperiyava for some time, and being charged to fulfill some particular goals. Swamy has forgotten those responsibilities, it seems??
He filed many cases against Ex Gujrat CM/present PM pet crony corporate friend Ambani lying with apex court not seen the light of the day. How can modiji will appoint him as FM to antagonize crony corporates who are backbone of Nagpur based parent body.
Abolishing income tax up to an annual income of five lakhs would take millions out of tax brackets and put more money in their pockets. they would spend that money to buy consumer goods. Governmnet will earn more GST.
The problem with Dr Swamy is that he thinks that everyone is stupid and only he is intelligent. Unfortunately, the party doesn’t trust him. It uses him only to abuse Gandhis. He is not intelligent enough to know this. If he thinks that his party doesn’t give him the recognition he deserves, why can’t he quit the party?
Subramaniam Swamy is an unguided missile, a loose cannon that WILL fire against the very gunner who wielded it. He is a self opinionated, extremely arrogant person incapable of the emotion called loyalty that the first requirement in politics. He is loyal to none, being the ultimate narcissist. Therefore all his intellect and dogged perseverance in trailing wrong doers does not lead to Modi accommodating him as a Minister. He has zero political base and was forced to merge his Janata party (a joke) into the BJP just to survive. Because of his robust defence of Hindu interests he was given a Rajya Sabha seat at the recommendation of the RSS. Modi will never have him in his Cabinet as he will be a discordant element merely causing chaos.
Your rant does not address any of the points Swamy raised.
Swamy with his ideas on Financial aspect is good to be inducted as Union Finance Minister, this I am endorsing despite the fact that I do not like him as a person as he is very Islamophobic person and utters lot of nonsense with regard to Muslims. However his remedies on Financial Crisis are most welcome and should be implemented asap. He is crying since 2014 for entry in to Indian Cabinet, but Modi has deliberately kept him out as he will outsmart the PM in every department given the opportunity.
You are bang on.he is a great mind and true Guru and true Guru are always adamnant with a correct solution.
Best proof that swamy is not going to get another term as MP from BJP. Modi will not let him become Rajya sabha MP after this talk.
Swamy’s popularity is highest among nameless twitter accounts, tax evading traders in small towns and over compensating brahmins. The only person who says he is the best is himself and his illiterate trolls that can hardly distinguish a cow from a buffalo!
For India’s biggest narcissist, it all about him.
This fellow calls everyone names,he gives himself the title of best finance minister,lol….narcissism at the ultimate level….what kind of a human is he,what is his achievement to maek himself the best finance minister….people are fools to believe that he is intelligent…no intelligent man ever would belittle others….raghuram rajan is madto him,what more can we speak of him….he needs treatment
My vote would be for Ms Suhasini Haidar as MoS, MEA.
आप के बस में हो तो आप प.म. को भी कल ही बदल दें।
Aap ko HRD minister appoint karenge. Unlike some recent incumbents, you are a well read person.
Swami is the most intelligent but ultimately useless man we have. Due to his arrogance and loose tongue, he can’t be entrusted with any serious job. This is our tragedy. It is better he quietly gives 10 useful and implementable suggestions to PM. Hope PM listens to him.
He isn’t the most intelligent,he just boasts and some people are naive enough to believe that….he did nothing and can do nothing except boast and speak ill of others
He has done much more in economics than 99.99% of indian economists, including Raghuram rajan. If you read about the discoveries of swamy in economics in 1960’s, his professorship at harvard, etc.
Swamy advocated reforms in 1970’s that were ultimately implemented in 1990’s by manmohan singh. So swamy has always been ahead of his time. Much better swamy than a random chaiwala with a flunky sitharaman.
Shri Subramanya Swami is a learned, highly resource full man, his speeches provide insight into the depths of knowledge he has on finance, law and governance.
The Indian manufacturing sector is in bad shape, only hope is shri Subramanya Swami leading the Indian economy. He can clearly steer the economy in the right direction.
True, Swamy would have been the best FM. And he is also a fine PM material. But he cannot get votes for the party and that is where Modi comes as very useful and handy. Economy does not win elections.
Lol did you ever hear a barking dog doesn’t bite….you believe his boastful talks,how naive can you get….oh spare me,I cannot fathom him being pm,he would talk ill and extremely demeaning of other international leaders and make india an outcast…..best finance minister,did you hear he wants income tax abolished,if you know even little economy,that is the most insane a human could get….he makes no sense and some people believe that,plz educate yourself,he has done nothing at all and can never do anything except talk in the most crude way
Enough of larger than life. Is there no one who will work more and talk less?