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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