If you have any suggestion please summit in feedback box.
First you have to assess whether Indian economy is sick and causing concern .
If the visible symptoms are sounding alarming bell in your ears, it is the duty of all educated and intelligent Indian citizens to ponder over it and suggest some curative steps to save your country from economic disaster.
Secularism and reservation which are used by ruling party in diving the country have made the economy sick because
politicians who are ruling the country from Delhi
----have totally ignored the fundamentals of economy,
----endangered social harmony in greed of vote bank,
----have made the administrative system fully corrupt and inefficient,
----have turned Parliament into a battle ground where only opposition parties are blamed and accused of all failures of the government ,
----have promoted only a culture of flattery and bribery in which police and judicial system together with investigating agencies are used only to corner opponents and put them in jail or in keeping opponents of Congress Party busy in defending them to discover justice and so on. ....................
Instead of treating all Indians as Indians only and guarding them as citizen of India , Leaders of present Ruling party is trying to abolish all Hindu saints and appease Muslims by hook or by crook to ensure victory in forthcoming election. They are least bothered of common men and simply distributing public fund to buy votes and to tarnish opponents.
People have forgot the pain of price rise , threat of terror attacks and naxalite activities and forgot the pain caused by unemployment and unavailability of pure water , pacca road, full time electricity etc and are busy in listening debate on Manmohan Singh Vs Modi or on debate on rape and Asharam etc .
Whatever may be the merits and demerits of the suggestion given by respected Subramanium Swamy to make Indian economy healthy and to restore the reputation of our country in your view I think it is better to share his views with you all what I have gathered from Newspaper on critical situation of Indian economy.
Please treat the nation as your top priority subject and consider people of all caste and community AND of all region and religion as same and as Indian only and then suggest solution to make our India strong .
BJP's suggestions on how to SAVE India's economy. 1 $ = 10 Rs.
Economist Dr Subramanian Swamy, whose Janata Party merged with the Bharatiya Janata Party in August, has issued the following press statement on the Indian economy and demanded the implementation of a four-point agenda to save it.
Here is what Dr Swamy had to say:
By all economic criteria, the Indian economy is today sick and in a tail spin heading for a crash unless effective steps are taken soon to reverse the trends by a new economic reform policy.
Some of these criteria are:
*Foreign exchange reserves divided by short-term foreign debt is at a very low (1990) level.
*Balance of payments' current account deficit as a ratio of GDP is highest since 1990, at 4.0%.
*Total fiscal deficit in the Central and State Budgets now exceeds the danger mark of 12% of GDP, thereby committing a crime under the Fiscal Management Act passed by Parliament in 2005.
*Reverse short-term capital outflow by panic cashing of Participatory Notes, hawala operations, and rigged short-selling of the rupee in Dubai and Singapore, has accelerated destabilizing the rupee/$ rate, which as a consequence has fallen by record amount.
*India’s household savings rate, which was the highest in the world in 2004 has fallen, and is also shifting to hoarded non-financial assets, which is causing a huge fall in the growth rate of GDP, due to decline in investment and in employment.
These trends are aggravated by the sharp rise in corruption and the reckless spending spree through stupid leaking schemes such as NREGA and the Food Security Act during the UPA tenure. The Indian economy is today in a financial ICU and on a ventilator.
Hence unless the economic situation is rectified by new reform policies, disaster and default of debt payments await the Indian people.
The announcement yesterday by RBI Governor of an increase in the REPO rate shows his short-sightedness and foreign mentality. His economics has been known to be the same as that caused the US Depression of the 1920s, namely following a conservative fiscal policy.
Just when investment and capital market needed an injection of adrenalin, Dr Rajan asphyxiated the investor. By mid-2014, the Union Government will be on the verge default of payments for past obligations.
The NDA government in 2014 will have to usher some radical reforms to remove the dark clouds of despondency that has descended on the nation to revive the economy and put it back on a growth path of more than an annual growth rate of 10% per year.
My suggestions for this would be as follows:
(a) Make income tax-deductible all recognisable forms of financial savings such as bank term deposits, share certificates etc.
This will boost the rate of savings (If direct income tax is abolished, it will mean minimal paper work for the people).
(b) Issue Ordinance nationalization of all bank accounts of Indian citizens in 70 countries that permit secret banking. This will net Rs 100,000 lakh crores or $ 1.6 trillion for government revenue.
(c) Confiscate and Abolish Participatory Notes, arrest under PMLA the prominent hawala operators, require special passport clearance of Indian citizens for travel to UAE, Singapore and Macao.
This will bring the rupee/$ rate down to Rs.40 within two weeks. NDA’s goal should be to make Rs 10.00 =$ 1.00.
BJP will nationalise overseas bank accounts of resident indians to check hawala transactions: Swamy--Business Line 22nd September 2013
Bharatiya Janata Party (BJP) leader Subramanian Swamy on Saturday said a key agenda of the National Democratic Alliance (NDA), if it came to power in 2014, would be to issue an ordinance to nationalise all bank accounts of Indian citizens in 70 countries that permit secret banking of hawala-converted black money. This would net about $1.6 trillion for the government revenue.
Dr. Swamy, a former Union Minister who recently joined Bharatiya Janata Party (BJP), suggested abolition of income tax as it had become a tool to harass middle class taxpayers and professionals. “If direct income tax is abolished, it will mean minimal paperwork for the people,” he told reporters.
He argued that the shortfall of about Rs. 2 lakh crore collected annually in income tax could be made good by auctioning spectrum, coal blocks and minerals, which would bring in much more revenue.
‘Abolish participatory notes’
Dr. Swamy also advocated confiscation and abolition of participatory notes of prominent hawala operators arrested under prevention of money laundering law. He favoured fast tracking of infrastructural projects by allowing 100 per cent FDI in them under the automatic route subject only to a strict national security clearance and a level-playing field for Indian competitors. “This will attract desirable FDI, empower local investors and enable enhanced value-added re-exports to the U.S. and Europe from India.”
Asked if his suggestions were approved by the BJP leadership, Dr. Swamy said that he was airing his views only after consultations with the party leadership who favoured a wider discussion on them.
He said that India’s household savings rate, which was the highest in the world in 2004, had fallen and was also shifting to hoarded non-financial assets. This was causing a fall in the growth rate of GDP as investment and employment declined.
‘Leaky schemes’
Rise in corruption and reckless spending spree, through “leaky” schemes such as MGNREGA, and the Food Security Act during the United Progressive Alliance tenure had put the economy on ventilator. “Unless the economic situation is rectified by new reform policies, disaster and default of debt payments await the Indian people,” Dr. Swamy contended.
http://www.thehindu.com/news/national/bjp-will-nationalise-overseas-bank-accounts-of-resident-indians-to-check-hawala-transactions-swamy/article5154691.ece
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