‘People Chosen By Govt Had No Clue About Macroeconomics’: Swamy

BJP MP Subramanian Swamy lashes out at the govt for paying heed to the wrong advisers who ignore macroeconomics.

(Photo: The Quint)

Cameraperson: Mukul Bhandari

Video Editor: Purnendu Pritam

BJP leader and Rajya Sabha MP Subramanian Swamy lashed out at the advisers of the Modi government for the current state of economy during an event in Delhi on 25 September 2019.

Speaking at the launch of his book, Reset: Regaining India’s Economic Legacy, Swamy said that ‘the people whom the Narendra Modi govt selected had no clue about macro economics.’

When asked to name some of those ‘advisers’ during a panel discussion, Swamy said: ‘Well, Arvind Subramanian,of course I already named Raghuram Rajan, the finance minister, Mr Arun Jaitley didn’t know A B C of economics – neither macro nor micro – and that problem is continuing.”

Elaborating further on the shortcomings of the current finance minister, Swamy told the audience:

“Sudden wiping out of Rs 1.4 lakh crore, it’s not part of any package. That means you have no understanding what the real problem is. The real problem is that demand is low so if you give corporates more money, they can only increase supply.”

Subramanian Swamy, BJP MP

Former President Pranab Mukherjee (centre) along with BJP MP Subramanian Swamy (Left) at Nehru Memorial Museum & Library in New Delhi.(Photo: The Quint)

Former president Pranab Mukherjee launched the book at the Nehru Memorial Museum & Library amidst distinguished guests.

The book comes at a time when the Indian economy is witnessing a slowdown resulting in lay-offs in auto sector. Even the IT industry has had to bear the brunt lately.

BJP leader Subramanian Swamy has been critical of the way the current government has handled the economy. In August 2019, Swamy took to Twitter to take potshots at the government:

The book, Reset, looks at Swamy’s economic model he had proposed way back in the 70s and how it can put the Indian economy back on track.