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HomePoliticsModi’s statistics minister knows as much about the subject as Bharatnatyam: Swamy

Modi’s statistics minister knows as much about the subject as Bharatnatyam: Swamy

At launch of his book, BJP MP Subramanian Swamy says he can’t discuss technical economic subjects with Modi as PM ‘feels offended’ but has written him letters.

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New Delhi: BJP Rajya Sabha MP Subramanian Swamy launched a scathing attack on his own party’s central ministers at the launch of his book Reset in the capital Wednesday.

Referring to his “good friend”, Statistics Minister D.V. Sadananda Gowda, Swamy said he knew “as much about stats as he did about Bharatnatyam”.

But Gowda wasn’t the only one to get the Swamy treatment. The outspoken leader also blamed Prime Minister Narendra Modi’s “lack of academic background” for him surrounding himself with people who have little knowledge of economics, resulting in the country’s current economic state. However, he did absolve the PM of blame, saying no one is telling him the truth.

“The problem is not supply, it is demand,” said Swamy. “But you can’t blame the Prime Minister, no one is telling him the truth.”

“Take Raghuram Rajan, he was a finance man, not an economist. Arvind Subramanian has no knowledge about the economy. Arun Jaitley didn’t know its ABC, and the problem continues,” he said, alluding to present Finance Minister Nirmala Sitharaman. “She has hardly been there, but clearly she does not have a macro approach.”

Asked if he had conveyed his concerns to the PM, Swamy said he couldn’t discuss such “technical” issues with Modi.

“I have written him letters and only received acknowledgements,” he said. “I can’t discuss technical subjects with him. He feels offended, but now I can send him my book.”

Swamy was speaking as part of a panel with political analyst Sanjaya Baru and chartered accountant M.R. Venkatesh at the Nehru Memorial Museum and Library. His book was released by former President Pranab Mukherjee, who mentioned that Swamy was “not afraid to speak, unlike many others”.


Also read: BJP’s new rhetoric ahead of state polls — press meets, articles on ‘economic turnaround’


Demonetisation a ‘folly’

Recounting his conversation with Gowda in 2017, ahead of the launch of the Economic Survey, Swamy said: “He called for advice. I told him, isn’t releasing a survey that says demonetisation has not had any impact on the economy misleading the public?”

The survey, Swamy said, would have had to be written in December and printed in January for it to be released on 1 February, giving the government no time to actually evaluate the impact of demonetisation, which was announced by PM Modi on 8 November 2016.

“He (Gowda) told me he was required to do a job, and he had done it,” said Swamy.

Swamy, instead, proceeded to take the ratio of formal and informal sectors to calculate the approximate impact of the “folly” of demonetisation, and added that the government’s problem is not that it is fudging numbers, but actually that it isn’t “disclosing conceptual changes”.

“Take the $5 trillion economy. We are talking about doubling our economy. We need at least 14.4 per cent growth rate for that,” said Swamy. “But no one is saying it based on current, and not constant, price.”

Swamy also believes that the government’s move to slash corporate tax will not help the economy, which is in a “tailspin”. Instead, he feels the BJP should abolish income tax.


Also read: Nirmala Sitharaman’s corporate tax cut is tangential, because lack of demand ails economy


 

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14 COMMENTS

  1. It is difficult to believe what Dr. Swamy says on S Gowda. Does Dr. Swamy want Aviation minister to be able to take Aircraft in air or a Defence minister to be an expert soldier in warfare or … One must know Sadananda Gowda is repeatedly elected for parliament from a highly educated voters constituency and a past CM of first BJP elected Govt in South. One can ask Dr. Swamy was he elected how many times from any constituency ? We had experts with high qualifications in recent past and one of them is in jail and other a PM a mute spectator to crores of looting of public money. Current FM is trying her best, all transparent, in a globally difficult situation.

  2. Drastic reduction in personal income tax for people earning up to one Lakh per month .. will increase demand for essentials and semi luxury products and services .. up to 50000 per month nil tax 50000 to 100000 only 5% tax will do the trick

  3. Problem with indian economists writing in our so called economics oriented business dailies is that they are not willing to challenge economic ideas from DrSwamy.This shows how mediocre is our knowledge system dominated by shallow weakminded permanantly unsure “experts”

  4. The economy is very sensitive, so nobody is taking any risk. FM is intelligent , she has hand over the matter to the task force and task force is a team , so it is understood the reason of no improvement.

  5. Now modi has become a global leader or made to be a global leader, all the more he will not listen or he will listen only to whatever he likes. By becoming a global leader, he has distanced himself from people who are well wishers. Now vultures will take over and look for opportunities to strike! Has he become adamant because, till now whatever he has touched, has become Midas, but one should understand that everything in this world has a shelf life, whether with life or lifeless. Why the government is refusing to accept that consumption is going down and therefore economy, and with 4/5% growth, India cannot be in the lead and powerful. The time has come for Mr Modi and the government to listen good things from good people

  6. Despite his impeccable academic credentials, Swamy could not be of much help to any PM because of his ego and attitude. Some of his suggestions appear strange like ‘abolish income tax’ bu they are sensible and valuable. He must formulate a total package of measures which will cover various structural changes that we need to completely overhaul our macroeconomic management. Abolition of personal income tax, simplification of corporate income tax and GST, introduction of wealth tax based on Aadhar and PAN linkages, consolidation of all subsidies and transfer via DBT, establishing threshold for administrative cost of government as a percentage of revenue collected and administrative reforms, getting out of PSUs and PSBs etc could be a package which he can explain to PM, with its implications for fiscal deficit, inflation, benefits and drawbacks and ask him to give his full political backing. All of these reforms are just a political decision, though with full macro-economic implications, just like demonitization. FM will implement those measures sincerely and in a time bound manner and look after operational issues. Similarly, budget as revenue and expenditure proposals and accounting should be done openly and not in secrecy as is done now. Policy decisions can happen any time and as a part of Budget Speeches. Swamy has a lot to offer to the country if he is able to let go his petty ego, taking potshots at everyone around, showing his arrogance etc. And PM needs his help. He can suggest and strongly defend what he is proposing unlike many others. He should not waste his time on taking potshots at knowledge of others whom he does not personally like. He should next 5 years of his life for this purpose as a selfless service to the nation. He should stop going to court against anyone for corruption (also now that Ram Temple will be resolved soon anyway) and spend his time on this mission. the country will be grateful to him.

  7. Nothing new in what Dr. Swamy has written everyone knows it’s but no one has the fall to speak. Same was the case in Congress at the top me of Indira Gandhi.

  8. Why this saying still hold good -” seven economist and nine opinions”
    It’s defined as – economics is a science which studies human behaviour …..”
    Just imagining 130 crore human beings – size will kill science of economics

  9. Not sure if economists make the best advisors. Indian PMs had economic advisers from 1950s. The net result is that India is still a desperately poor country, when several countries far behind it have surged ahead. Most turn out to be yes men, whether they are on an advisory panel or become Prime Minister themselves. Economists like B R Shenoy are a rarity and do not survive the system.

  10. I probably know more about Bharat Natyam than statistics, but that has not stood in the way of understanding economics. Two gentlemen who knew a lot more economics than one can hope to learn have just been dropped from the economic advisory council.

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