Abolish income tax, hike FD interest, cut it on loans: Swamy


Team Udayavani, Aug 24, 2019, 6:43 PM IST

Chhatisgarh: BJP MP Subramanian Swamy on Saturday batted for abolishing income tax, hiking interest rate on fixed deposits and lowering it on loans to spur economic growth.

“The main thing is that the income tax should be abolished. The rate on fixed deposits should be increased to nine per cent and the rate of interest on borrowings should be brought down to nine per cent as well. If these three steps are taken, things will improve,” said Swamy, talking to reporters here.

He said he is also coming up next month with a book, suggesting steps to spur economic growth.

A lot needs to be done for the economy. My book is coming out on September 5, in which I have explained what needs to be done, he added.

Swamy made the remarks when asked if the steps taken by Finance Minister Nirmala Sitharaman would revive the growth.

In a bid to boost economy on a five-year low, the Centre on Friday announced a slew of measures, including the rollback of surcharge on foreign and domestic equity investors, a promise to review the super rich tax on high networth individuals, exempting startups from ‘angel tax’, a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks.

To bolster consumption, the government has also persuaded banks to cut interest rates, a move that would lead to lower EMIs for home, auto and other loans.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

Malegaon blast trial: Court issues bailable warrant against Pragya Thakur

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

CBI forms SIT to probe into Tirupati laddu adulteration allegations

Out on bail, murder accused shoots dead wife, three children in Varanasi

Delhi: Man held for killing brother-in-law for ‘ill-treating’ his sister

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Malegaon blast trial: Court issues bailable warrant against Pragya Thakur

Waqf Issue: JPC chair Jagdambika Pal to visit Hubballi, Vijayapura on November 7

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Shivamogga: Wild elephant dies due to electrocution form farm fence; Landowner detained

Folk singer Sharda Sinha’s condition critical, PM in direct contact with treating doctors

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.