BJP’s Rajya Sabha MP Subramanian Swamy has criticised his own government’s decision give ‘bonanza to corporates’ implying that this may not have the desired effect in giving the struggling Indian economy the much-needed boost.
Swamy, known for his criticism for the Narendra Modi government’s economic policy, took to Twitter to write, “Instead of giving this bonanza to corporates on taxes what Govt should have done is declare that all due payments of Govt to unlisted companies (mostly SMEs) will be cleared within 45 days. If not delays will invoke interest on due amount
Instead of giving this bonanza to corporates on taxes what Govt should have done is declare that all due payments of Govt to unlisted companies (mostly SMEs) will be cleared within 45 days. If not delays will invoke interest on due amount
— Subramanian Swamy (@Swamy39) September 26, 2019
Many of Swamy’s followers did not appear convinced with his suggestion. One wrote, “Always critize govt. Modi knows governess better. He knows what to do? If govt does x you will say it shd hv done y if it does y you will say shd hv done z. Government needs to understand ppl not economic theory.” “Dumb idea. Who’s going to monitor whether thousands of SMEs get their due or not,” wrote another follower.
On 20 September, Finance Minister Nirmala Sitharaman had announced a deep cut in corporate tax rates, from 30 percent to 22 percent. This, according to experts, will mean a loss of Rs 1.45 lakh crore in tax revenues. The jury is still out if this will be enough to kickstart the Indian economy, which has been facing severe recession lately.
In June this year, Swamy had agreed with one of his followers that Sitharaman was made the finance minister only to hound honest officers under her ministry. In an interview to BBC Hindi recently, Swamy had said that one of the reasons why he was not made the finance minister was because the government feared that he will not spare any wrongdoers even from his own party.