GST "biggest madness of the 21st century": Subramanian Swamy
He also demanded that former Prime Minister, late P VNarasimha Rao, be given the highest civilian award, the BharatRatna, for the reforms he introduced during his tenure.
Speaking on "India - an Economic Superpower by 2030",organised by the Pragna Bharati here, Swamy said though thecountry had achieved eight per cent growth from time to time,there had been no improvements on the reforms brought in bythe Congress leader.
"So how to get that 3.7 per cent (efficiency factor toutilize investments)? (We need to)fight corruption, second,reward those who will invest.
Don't terrorise them (investors) with income tax and thisGST, which is the biggest madness of the 21st century.
This GST is so complicated (that) nobody understandswhich form to fill where.
And they wanted it to be uploaded to the computer.
Somebody came from Rajasthan, Barmer...He said we donthave electricity, how can we upload?
So I said upload it on your head and go to the PrimeMinister and tell him," Swamy said on improving efficiencylevels of investments.
He opined that India should grow at 10 per cent per annumfor the next 10 years to become a superpower.
If this momemntum continued, then it would overtake Chinaand also challenge the U.S. for the number one position in 50years, he said.
Swamy said the problem India currently faces is shortageof demand as people do not have money to spend, therebyhindering the economic cycle.
"You want 10 per cent growth rate, then investment rateto the GDP should be 37 per cent and 3.7 per cent should beyour efficiency factor and not five per cent as it is today,"he said, suggesting that Income tax be abolished to removecorruption and achieve higher economic growth.
Pitching for the Bharat Ratna for Narasimha Rao, the BJPleader said that former Prime Minister Manmohan Singh, asFinance Minister in Rao's cabinet, implemented the reforms inthe 1990s. "After (PV's regime) that, we have been achieving eightper cent from time to time. But we have not improved on thereforms that Narasimha Rao brought in.
We need to do it now. Your question is will we be aneconomic superpower by 2030 in 10 years? Of course we can," hesaid.
Swamy said per acre agricultural output in India was lesscompared to many other countries due to lack of irrigationfacilities. GDK APRAPR APR