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‘Reboot the Indian Economy by abolishing Income Tax’- Dr.Subramanian Swamy

ENARADA, Bengaluru, November 16, 2014

Income tax abolition, Agricultural globalisation and quality education  can make India, a developed country in the next ten years, said economist Dr. Subramanian Swamy.

Delivering a talk on ‘Challenges in Rebooting the Indian Economy’ at the FKCCI cabinet hall, today, he covered many issues including political agenda, Economy, Security, Industrial growth, Employment and Technology. Throughout his speech and during question and answer session, he maintained that Narendra Modi led BJP government at the centre  is doing a commendable job in fulfilling the aspirations of people of the country.

Subramanian Swamy in FKCCI , Bengaluru, Nov 16, 2014, Enarada.com

FKCCI honoured Dr.Subramanian Swamy with Mysore peta(turban) and a memento, when he arrived to address its members. S.Sampathraman, president of FKCCI (Right), N.Nityananda, Chairman, Banking , Finance, ADR, Capital Markets Committee, FKCCI(extreme left) and Tallam R Dwarakanath, Sr. Vice President, FKCCI are seen in the picture. Photo by ENARADA.COM

“By abolishing Income Tax, country may lose the revenue of 2 Lakh Crore per year, but there are many simpler ways to generate much more revenue,” said Swamy. By auctioning 2G spectrum Rupees Two Lakh Crores , Coal block allocation can fetch 11 Lakh Crores, Bringing back Black money of 120 Lakh Crores and several other steps can increase revenue, he stated.

Swamy added
Apart from Income tax abolition, to win the hearts of large chunk of middle class people in the country, Government should focus on empowering farmers and encourage export of agricultural produce.India is the only country in the world where crops can be grown 12 months a year, Swamy said.

“The climate in America, European countries ,China and other countries, even with the best of Agricultural technology, does not allows to get  3 crops a year but India can grow agricultural produce throughout the year due to conducive atmosphere and fertile land,” Swamy said.

If Government provides power, water , seeds and pesticides at a nominal cost, Agricultural globalisation gets a big boost and Indian economy will shine in the international market, as the cost of Agricultural products in India is the least in the world,  he added.

The graphics give details of other topics he raised.

 

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