BJP leader Subramanian Swamy on Saturday said that income tax in India should be abolished as more than Rs 70 lakh crore of Indian money is stashed abroad illegally. ‘If this money is brought back Indians would not have to pay income tax. It would be better if income tax is abolished in India,’ said Swamy.
Swamy, who held his maiden press conference, was critical of Indian economy and said it is heading for a crash by 2014 due to the falling rupee and other policy loopholes. Criticising RBI governor Raghuram Rajan for increasing the repo rate, Swamy alleged that the move shows Rajan’s short-sightedness and foreign mentality.
‘His economics has been known to be the same as that caused the US Depression. Just when investment and capital market needed an injection of adrenalin, Rajan asphyxiated the investor. By mid-2014, the government will be on the verge of default of payments,’ he Swamy.