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Govt messed up macro-economy, should have axed IT: Subramanian Swamy

The situation has not improved as demand has not picked up, he said: “Because Finance Ministers in our BJP government don’t know any economics. That’s the problem.”

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New Delhi, Sep 25 (IANS) The government has messed up the macro-economic system over the last five years and currently to revive demand, it should have abolished the income tax rather than cutting corporate tax which will yield no result for economic revival, senior BJP leader and current Rajya Sabha member Subramanian Swamy said on Wednesday.

Swamy, a former Union Law and Commerce Minister, on Wednesday launched his latest book “RESET — Regaining Indian’s Economic Legacy” and talked about the evolution of India’s economy while suggesting ways to revive it.

The book was released by former President Pranab Mukherjee.

Critical of the series of recent government measures to pull the economy out of the slowdown, Swamy also termed the previous five years of BJP rule as bad for the macro-economy.

“The government, in the last five years, has been doing things which are bad for macro-economics. The Prime Minister has done good works in micro-economics in Ujjawala, providing LPG connections to women in rural areas… But macro-economics is the whole system… and the whole system has been put into a mess which requires rectification and that can not be rectified by individual measures like reducing taxes for the corporate sector,” Swamy told IANS in an exclusive interview.

“Abolishing income tax had been a very salutary (step), the middle class would have been very happy and they would have saved the money. The problem with corporate sector is that demand is low, so demand can only come when you empower the people, the people means income tax and that should have been abolished. Reducing corporate tax is of no use. Because they can only increase more supply but if there are no buyers, then there is no result in increasing supply,” he said.

Earlier, while speaking about his book, Swamy said: “We need a new reset for our economy. We did not perform at macro growth level. The savings were inefficiently used. The country needs 10 per cent growth for 10 years if we have to eliminate unemployment.”

Asked why after so many steps, the situation has not improved as demand has not picked up, he said: “Because Finance Ministers in our BJP government don’t know any economics. That’s the problem.”

Responding to a query if at the moment, the government is indulging in fiscal profligacy to come out of the current slowdown, he said: “They don’t even know what that means… the question in what they are doing is ad hoc. I have been writing since 2016 that this collapse will come. That time, people thought I was being critical, but now they know.”

Swamy said the country is heading towards a lower growth than 5 per cent but it can be turned around.

“The issue is we have to grow at 10 per cent for 10 years, then only you can solve the problem.”

Finance Minister Nirmala Sitharaman, in a big move on September 20, made several announcements for the corporate sector — sharp cuts in corporation tax among a series of announcements that can cause total revenue forgo of Rs 1.45 trillion per year.

All domestic companies to be allowed to pay corporation tax at the rate of 22 per cent (effective rate 25.17 per cent including cess and surcharge) against the existing rate of 30 per cent. Any new domestic manufacturing company, incorporated on or after October 1, 2019, will be allowed to pay corporation tax at the rate of 15 per cent (effective rate 17.01 per cent). No MAT will be imposed on these companies either, and to provide relief to companies that continue to avail of exemptions and incentives, the rate of MAT has been reduced from 18.5 per cent to 15 per cent.

There is also relief to listed companies which have already made a public announcement of buyback before July 5, 2019 and no tax will be levied on buyback of shares in case of such companies.

Now enhanced surcharge introduced by the Finance Act 2019 shall not apply to capital gains arising on sale of equity share in a company/unit of equity-oriented fund or unit of business trust liable for securities transaction tax, she announced and enhanced surcharge shall also not apply to capital gains on sale of any securities, including derivatives, in the hands of Foreign Portfolio Investors (FPI).

Before this government announced sops for the export sector through export finance, for the real estate sectors, a bank consolidation drive by merging 10 PSU lenders to 4 PSU banks and withdrawing income tax surcharge on FPIs.

Sitharaman had announced withdrawal of enhanced surcharge on capital gains from equity for individuals, and HUFs. While presenting the Budget in July 2019, she had introduced a surcharge on individuals earning more than Rs 2 crore.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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Amazon Quiz Answers Today, November 24, 2020: Answer and Win Xbox Series X

The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Amazon quiz Answers Today, November 24, 2020: The Amazon Quiz for November 24, 2020, is live and today you have the chance to Win Xbox Series X. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize:

Win Xbox Series X
Amazon Quiz Date: November 24, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 24, 2020

Question 1. Who has been named as the new Ambassador for World Wide Fund (WWF) India’s Environment Education Programme?

Answer 1: Viswanathan Anand

Question 2. As per Global Finance magazine, KfW Bank is considered to be the “World’s Safest Bank”. In which country is KfW Bank headquartered?

Answer 2: Germany

Question 3. Starlink is a satellite constellation being constructed by which company to beam satellite Internet access across the world?

Answer 3: SpaceX

Question 4. These ladies are on a tour of which country?

Answer 4: Egypt

Question 5. Considered “the most influential environmental photograph ever taken”, on which mission was this photograph taken?

Answer 5: Apollo 8

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
2. Sign up or log in to your Amazon account
3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
4. Start playing the Amazon quiz contest.

Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Gold Rates and Silver rates, November 24: Yellow metal price struggles today by 0.23%, check here

Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram.

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Gold Wealth Price

Gold Rates and Silver rates, November 24: Gold prices in India on Tuesday, November 24 have gone down following the global rates. On MCX, the gold rates have decreased to ₹49,504. Today, silver price in India has gone up to ₹60,549 rupees per kilogram. When it comes to the gold metal, the prices vary based on the city or state due to excise duty, state taxes, and making charges.

  • CITY 24 KARAT 22 KARAT
  • CHENNAI ₹52,034 ₹47,674
  • MUMBAI ₹50,950 ₹49,950
  • BANGALORE ₹51,441 ₹47,161
  • DELHI ₹53,637 ₹49,197
  • KERALA ₹51,468 ₹47,148
  • HYDERABAD ₹51,454 ₹47,144
  • KOLKATA ₹52,537 ₹50,127
  • PUNE ₹50,805 ₹48,355

GOLD PRICE IN INDIA (*MCX) ₹49,504 ₹45,379

Know why Gold and Silver rate rise and decline

Gold tends to increase when people prefer investing in gold due to inflation and concerned about the risks in the financial system. On the other hand, at times gold rates also decrease due to the fact that the fall in international markets, an increase in dollar value, and other tensions between the countries. Off late the gold prices have come down due to the US-China dispute.

How Gold rate is calculated?

As there is no specific measure for the gold and the prices differ from jeweller to jeweller. Final price of the jewellery = Price of gold X (Weight in grams) + Making charges + GST at 3% on (Price of jewellery + making charges)

How many times gold rates change in a day?

As the yellow metal gold is traded at Multi Commodity Exchange whGGolere the gold rates change at every moment in the business times. The price alter is mainly due to various factors such as political and economical issues happening in the world.

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