Economy in bad shape, 'tax terrorism' should be curbed: Subramanian Swamy

The BJP's Rajya Sabha MP Subramanian Swamy said on Friday that the country's economy was in "dire times", and "tax terrorism" should be ended to encourage investors.

He also said that every university should have police personnel on the campus, and Jawaharlal Nehru University (JNU), which is in news for a recent incident of violence, should be "closed for two years".

"The economy is in dire times, everything is going downwards, if the trend continues banks will close down, NBFCs will close down and (it will) lead to disaster," Swamy said, speaking to reporters here.

He was speaking on the sidelines of a programme at Indus University.

"The measures that can be taken are...first Income Tax needs to be abolished. The tax terrorism in our country needs to be reined in so that people start investing and do not fear taxman," he said.

"The problem we are facing at present is lack of demand, we have good supply. So the government needs to print notes and put it in the hands of people to boost demand. Government needs to build roads, big six-lane, eight-lane roads," he added.

Asked about the recent violence at JNU in Delhi, Swamy said for the safety of students, every university should have police presence on the campus as in the United States.

"In universities like JNU we should have not only police but CRPF and BSF too," he said.

JNU should be closed for two years and its "good students" should be shifted to other universities like Delhi University, the MP, known for making controversial statements, added.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel