|Dr Subramanian Swamy … brain power…
NEW DELHI: BJP leader and Rajya Sabha MP, Dr Subramanian Swamy has presented a five-point action plan to rescue the Indian economy which is facing odds now. Swamy cited five steps for immediate action:
They are abolishing the system of collecting personal income tax, a plea he has been making for long to the Centre; a reduction in prime lending rate to nine per cent; making corporate R and D and employee children education expenditure tax deductible and more liberal printing of currency notes for infrastructure development funds.
Dr Swamy, a former Harvard economist who was first made a minister of state for finance in the Morarji Desai government in 1977, also proposed some long-term steps.
They are: having three crop seasons for all farmers, permitting or assisting pooling of land for group farming raising yield per acre by use of the Delhi-based Indian Agriculture Reasearch Institute (IARI) input packs; coastal irrigation by desalination of sea water; waging a fight in World Trade Organisation (WTO) for market access for agri-exports; making hydrogen fuel powered vehicles; generating power by thorium reactors; provision for loans for students without mortgage but on bonds on future earnings; allotment of four per cent of GDP to R and D to produce innovation.
On GST: “I am getting vindicated on negative forecasts that I make to warn the government. Now CAG Report on GST has fully vindicated my lone warning on GST. My predictions about the tail spin of the economy and spin on unachievable targets will also be true if no course correction happen.
INDIA BULLS: With growing data available on India Bulls those helping me feel we should focus on TDK&PC and on their frauds in this issue. After completing the booking of TDK/PC we should book smaller crooks like Hooda, Gehlot, Kamal Nath etc.. India Bulls scam is the bigger ever till now.
SHARES FALL AFTER SWAMY EXPOSE
Reports this week said shares of Indiabulls group companies fell between 5-12 per cent on the Bombay Stock Exchange (BSE) after Subramanian Swamy said the housing finance firm of laundered more than Rs 1 lakh crore – a charge the group was quick to trash as baseless. Indiabulls insisted that it never taken any loan or refinancing facility from National Housing Bank (NHB).
Subramanian Swamy unleashed a storm by writing a letter to Prime Minister Narendra Modi, saying Indiabulls group created more than 100 shell firms and took loans from National Housing Bank (NHB) and re-allotted or siphoned off the money in questionable manner to many real estate firms in Maharashtra, Delhi, Gurugram, Bengaluru and Chennai in the range of Rs 30crore to Rs 1,000crore.
Dr Swamy alleged that former finance Minister P chidambaram and many Congress leaders including former Haryana chief minister Bhupinder Singh Hooda helped Indiabulls in siphoning off the funds of National Housing Bank (NHB). He urged the government to form a special investigation team of the CBI, Enforcement Directorate (ED), Serious Frauds Investigation Office (SFIO) and Income Tax (IT) officials to investigate into the alleged money laundering. Dr Swamy alleged that this was going on for the past 14 years. –IHN-NN