Modi’s economics to fail like Vajpayee’s ‘India Shining’, says Subramanian Swamy

Published: July 10, 2018

As the Lok Sabha election is less than a year away, the Narendra Modi government has reiterated that it will stick to fiscal prudence, while senior BJP leader Subramanian Swamy said that economic development is not going bring in votes. Subramanian Swamy said that the economy is not in a good state and that the government will need to five more years to fulfil promises.

Economist and statistician Subramanian Swamy said, “Economic development is not going to bring in votes. (Former prime minister Atal Bihari) Vajpayeeji used ‘India Shining’ as his government’s campaign motto but failed.” According to the Rajya Sabha member, ‘Hindutva’ and corruption-free India are going to get votes for the BJP as did in 2014.

Narendra Modi became the Prime Minister after winning the 2014 election with a thumping majority on the promise of economic development, job creation, and making India corruption free. One would argue that the 2014 election campaign was not about Hindutva or building the Ram Mandir but was of economic development.

So far, the Narendra Modi government has successfully implemented two structural reforms: Goods and Services Tax (GST) and Insolvency and Bankruptcy Code (IBC). Although the GST implementation was not smooth and the IBC registered a slow beginning, experts say that these two changes are going to give the much-needed backbone to the Indian economy.

Subramanian Swamy has been a critic of Narendra Modi government’s economic policies. On demonetisation, he earlier said that it was a good idea that failed because of lack of preparation. He also called the GST ‘a stupid concept’ as India is not technologically ready to adapt to it. He said, “The Indian economy certainly not in a very good state as I am not the finance minister.”( Financail Express )