BJP leader and Rajya Sabha MP Subramanian Swamy said on Thursday 23rd July 2020 that “India’s growth rate may plunge to -6% to -9% during the current financial year due to COVID-19 pandemic and may bounce back next fiscal if correct policies were worked out.”
He also said that “Economy has collapsed in the last 4 to 5 years. What has happened is that the COVID-19 pandemic has sharpened the decline. Now you will find between 6% and 9% negative growth by the end of this financial year.”
He also took part in a virtual meeting organized by Indo American Chamber of Commerce, Telangana State, and Andhra Pradesh Branches and said that “How will it turn around? The production capacity is there. The very question is you should be able to make it profitable to produce and we should ensure that the workmen were required in the factories, in the fields. They are all empowered to go back to their work. Once that happens, I would say that in 2021-22 (next fiscal) we will rise to a 7% growth rate if you follow the right policy. Not the same policies of the last five years.”
Swamy said that “he wrote letters to Prime Minister Narendra Modi on many occasions in the past pointing out the incipient economic slowdown.”
He wrote that “I have written a letter to the PM about four days ago explaining what the situation will look like by the end of this year. I wrote a letter in 2015 that the growth rate will start declining and every year we have been declining.”
The BJP leader said “that only ₹ 1.5 lakh crore of the ₹ 20 lakh crore stimulus package announced by the Centre for the revival of the declining economy due to prolonged lockdown, doesn’t directly create demand which is necessary at this juncture. Noting that India has a huge labour potential and it should be used properly.”
He claimed that “encouraging companies like Walmart into the country may affect millions of domestic retailers and India, as part of bilateral trade, should exert pressure on the US to agree to import Indian agricultural products into that country.”
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