Daijiworld Media Network - New Delhi (SHP)
New Delhi, Aug 31: On Saturday, one of BJP's own, Subramanian Swamy stated that India considering the current economic situation, India needs to implement a new economic policy or else drop the idea of the 5 trillion dollar dream.
Swamy made the statement after GDP dropped to 5 per cent for the first quarter of FY 2019-20, termed as the lowest in the past six years.
Swamy tweeted regarding the economic crisis and said, 'Get ready to say goodbye to Rs 5 trillion if no new economic policy is forthcoming. Neither boldness alone nor knowledge alone can save the economy from a crash. It needs both. Today we have neither'.
As per experts, recent bank mergers done will also fail to revive the economy if no focus is placed on increasing investments.
The current slump in the economy has jolted several industries, due to weak consumer demand and lack of investments. A major blow was observed in the automobile sector, where several production units closed owing to 'no production days'.
Chief Economic Adviser, K V Subramanian on Friday said, "The slowdown in growth is due to endogenous and exogenous factors." Further, he expressed confidence that the country would be on a high-growth path 'very soon'.
On Friday, Finance Minister, Nirmala Sitharaman declared that 10 public sector banks would be merged into four, to bring down the number of state-run lenders to 12 from 27 in 2017.
Besides this, the minister had announced a slew of measures last week, including steps to increase liquidity in the critical NBFC sector.
Comment on this article
ad, mangaluru
Sat, Aug 31 2019Even HNI taking their money out of India without investing in India. Even FDI will not come to India. Causes:
Current government
Current focus:Anti-Secular
Current Nationalism ideology and Hindutva
Current western alerts that human rights violated in India
Current atmosphere of Nuclear confrontation
Current Kashmiri abrogation Art 370 and consequences
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myna, Mysuru
Sat, Aug 31 2019Our GDP figures for the last five years are most distrusted by the world economists. The dream of reaching Rs 5 trillion economy is an empty slogan. This dream was shot down with demonetisation policy; allowing NPAs in the banking sector; highest unemployment in 45 years of Indian history; worst performance of the Indian rupee; faulty GST policy; policy paralysis in bringing back those who QUIT INDIA after looting the banks and the bogus slogan of depositing Rs 15 lacs in every Indian's bank account after bringing back the black money from SWISS Banks. Forget about Swiss Banks atleast in five years they should have cleared the banks of River Ganga which continues to be the same - dirty and stinking. Israel had to help us by gifting a machine to clean the banks of River ganges. So much on governance and Rs 5 trillion economy.
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SmR, Karkala
Sat, Aug 31 2019A committee in 1997 had recommended that contingency reserves be maintained at about 12% of total assets. At present, these reserves are just about 7%, which is much below the recommended level.
Based on the RBI's 2017-18 accounts, there are two material components to RBI's reserves: A Contingency Fund of Rs 2.5 lakh crore. A Currency and Gold Revaluation Reserve of Rs 6.91 lakh crore. The current economic capital framework followed by the RBI is not in the public domain.
In traditional middle-class families, we take our saving very seriously. Family elders frown if we have to dip into our savings to cover up for shortfall in incomes. We save for a rainy day and don’t touch them unless hit by a torrential downpour. The question is, is it really that bad that the government had to resort to such desperate measures?
The long and short of the story is this- the economy is in a mess, the government probably realizes that it cant tax you any-more. It has hence gone and broken the family piggy bank, hoping it would kickstart consumption cycles. The question is, what happens if it doesn’t? And then what happens next year?
RBI’s stock of reserves accumulated over several previous governments is now handed over to this govt.
It is a raid on RBI’s reserves & autonomy, over which the former Governor & Deputy Governor had resigned in protest.
Yet another institution crumbles.
Govt. has finally decided to raid the RBI reserves. The transfer of 1.76 lac crores looks suspiciously close to the 1.77 lac crores off the hidden deficit in 2018-19 budget accounts.
After bankrupting all PSUs and banks, the bankrupt government finally got its hands on RBI's reserves!
The BJP Rajya Sabha member Subramanian Swamy indirectly responsible for asking PM Modi to remove Congress appointed Raghuram Rajan.
Now BJP has appointed rubber stamp for RBI governor from history who has no economic background.
So BJP is making RBI history.
Jai Hind
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peter, india
Sat, Aug 31 2019If there is a will there is a way and Modi ji has shown that by becoming the PM of India. The people who are commenting should think what they are capable of doing .
Actually India has more than 5trillion which can be used to spur the economy but how to utilize it depends on the people of India nothing comes out of the blue but to take from under the ground. Religious people may not like it.
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Francis, Shirva/UK
Sat, Aug 31 2019Who cares about economy in BJP ? They are only worry about religion and caste.
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Rahul, MANGALORE
Sat, Aug 31 2019This govt slogan,
COW/Hinutva/PAK.
Thesy messed all the people under it.
no one will come out of it.
when they realize time will wipe out.
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netizen, Mangaluru
Sat, Aug 31 2019Just watch his two different lines and judge his IQ, although he is very much known for insane statements.
1." Get ready to say goodbye to Rs 5 trillion economy": Subramanian Swamy after GDP drop.
2. Further, he expressed confidence that the country would be on a high-growth path 'very soon'.
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Lionel Dsouza, Mangalore
Sat, Aug 31 2019SO WHAT ...WE DO NOT NEED 5 TRILLION....WE WANT MODI
MODI MODI MODI HAHHAHAHHAHAHAH
PEOPLE WHO CHANTED THIS WILL COME ON ROAD...
AND ROADS ALSO NOT GOOD
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aun, mangalore
Sat, Aug 31 2019let them do more lynching.... then GDP WILL drop more..& no investment from anyone
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Prakash, Mangalore
Sat, Aug 31 2019Modi only needs to listen to top economic advisers. In his first term, he is definitely guilty of manipulating India's economy for political gains.
otherwise no one can administrate India better than Modi himself !!
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Narendra Kumar, Mangalore
Sat, Aug 31 2019The shrewed lawyer turned politician
DisAgree [17] Agree [1] Reply Report Abuse
Charles D'Mello, Pangala
Sat, Aug 31 2019There is difference between selling tea (prepared by somebody) and running a Government.
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Basavappa, Davangere
Sat, Aug 31 2019Second time p.m. due to people's mandate. We wont count 14 plus 2% population during growth of nation.
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Rolf, Dubai
Sat, Aug 31 2019Dear swamy Bhakth started to call you Anti national.
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Basavappa, Davangere
Sat, Aug 31 2019Not possible to drop so easily. From last seventy years it reach to 2 trillion. From last five years it's upto 3 trillion. Now for next five years we definitely reach to 5 trillion. Humhe hai viswas..pura hai vishwas..hum honghe kamyaab.
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Sonu, Bajpe
Sat, Aug 31 2019Mr. Basavappa, Davangere
Humhe hai viswas..pura hai vishwas..hum honghe kamyaab. if and only congress in power .
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Francis, Shirva/UK
Sat, Aug 31 2019It is certainly, they will kamyaab to distroy the economy.
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