Mumbai: There is a need to abolish taxes to boost savings and investments in the country, said Union Minister Subramanian Swamy at the World Hindu Economic Forum 2019.
It is not clear if he made this statement for one section of community or everyone. He added further, “Today, income tax is the most unbalanced tax in our country. There is no income tax in agriculture and low-income groups, and the rich hardly pay anything because of their chartered accountants. The working class, young entrepreneurs, start-ups are the most harassed. When income tax is abolished, the public will be very happy,” he said.
Over years, India has been implementing micro-economic policies rather than looking at policies at macro-economic level, the noted economist said. But at present, so attention is going in that direction, he added. Commenting on various policies of the Narendra Modi-led government, Swamy said, “They are all micro-economic measures. What the country needs is macro-economic policies and that we have not yet done. We will do it because we are facing some problem now, so serious thinking has begun," he added.
Lauding Prime Minister Modi, he said a lot of efforts have gone into schemes such as Make in India, Ujjwala and to make nation open defecation free, but these schemes are not helping the Indian economy revive.
Pointing at Make in India, BJP leader said there is some lag there and it needs to be addressed too. Blaming Jawaharlal Nehru, Swamy asserted, “We should have recovered faster but Jawaharlal Nehru decided to impose a soviet economic model on our country.”