Subramanian Swamy terms GST as biggest madness of 21st century
Hyderabad, Feb 20 (KNN) Senior BJP leader Senior BJP leader Subramanian Swamy has termed Goods and Services Tax (GST) as the biggest madness of 21st century.
Speaking on ''India-an economic superpower by 2030'', organised by Pragna Bharati, here on Wednesday, Swamy said though the country had achieved 8 per cent growth from time to time, there had been no improvements on the reforms brought in by the Congress leader.
"So how to get that 3.7 per cent efficiency factor to utilize investments? We need to fight corruption, reward those who will invest. Don't terrorise them (investors) with income tax and this GST, which is the biggest madness of the 21st century,'' he said.
Rajya Sabha MP further said that India should grow at 10 percent per annum for the next 10 years to become a superpower. If this momentum continued, then it would overtake China and also challenge the US for the number one position in 50 years.
Swamy also said that the country is facing shortage of which is hindering the economy.
“India is now facing the problem of lack of purchase power. There is a shortage of demand as people have no money to spend. This is hindering the economic cycle. The last one year of economic crisis had made up the mind that country has to do something radical like abolition of income tax, which would trigger savings.'' he added.