The Indian economy has continuously declined in the last four to five years and the current situation of the Covid-19 pandemic will contribute to the further decline this year. It is expected that GDP growth will show -6 to -9 percent decline during the current FY 2020-2021 and may return to normal next fiscal if correct policies were worked out, says BJP leader and Rajya Sabha MP Subramanian Swamy.
“Economy has collapsed in last four to five years. Current situation of COVID-19 pandemic has contributed in sharpening the decline now nation may find 6 percent to 9 percent negative growth by the end of this financial year” MP Subramanian Swamy stated after attending a virtual meeting organized by Indo American Chamber of Commerce, Telangana State, and Andhra Pradesh Branches.
Swamy added, “Once it’s ensured that workmen required in factories, fields are empowered to urge back to their work and profitable production resumes then GDP growth for next Fiscal will rise to 7 percent if new policies are followed which must be different from those followed in past five years.”
Swamy also informed media about his letter to the Prime Minister which he wrote four days back, in that letter he explained PM Modi about how the situation would look like by the end of this fiscal. He also added that in 2015 he warned him about the decline in the economic condition which is declining every year till now.
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“Only 1.5 lakh crore of Rs 20 lakh crore package which was announced by the centre for revival of economy does not necessarily create demand as needed at this point of time. India being a labour intensive economy has huge labour potential and it must be used properly like Japanese used to grow”, he said.
“If India has the stamina to fight for one month you defeat China,” he said appreciating the efforts of Indian troops in defending their motherland, the neighboring country was defeated twice in past. However, people are not aware as our country does not publicize things in order to avoid provoking the communist regime. BJP leader mentioned that “Our people performed extremely well although 20 unfortunate soldiers lost their lives,”
He also claimed encouraging companies like Walmart into the nation which may affect millions of domestic retailers. He recommended that India being part of bilateral trade should exert pressure on the US to permit to import Indian agriculture products in their country.