Bring Dr Subramanian Swamy as Finance Minister in India as India's Economy in Depression

Bring Dr Subramanian Swamy as Finance Minister in India as India's Economy in Depression

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Leo Caprio started this petition to Government of India and

Subramanian Swamy (born 15 September 1939) is an Indian politician, economist, statistician and polymath who serves as a nominated Member of Parliament.

Swamy was member of the Group of Eminent persons and was called to Geneva, Switzerland to prepare a report of the United Nations Conference on Trade and Development (UNCTAD) on Economic Co-operation between Developing countries (ECDC). Swamy also simplified trade procedures and formulated a new export strategy which became the forerunner of trade reform adopted subsequently. In 1994, Swamy was Chairman of the Commission on Labour Standards and International Trade by former Prime Minister P. V. Narasimha Rao.

During 1990 and 1991, Swamy served as a member of the Planning Commission of India and as Cabinet Minister of Commerce and Law. Albeit uncorroborated, During this period, Swamy claims to have provided the blueprint for the economic reforms in India under Prime Minister Chandra Shekhar[21][22] which was later carried out in 1991 by Manmohan Singh,[7] then Finance Minister under leadership of Prime Minister Narasimha Rao.[22] In the Narasimha Rao government, Swamy was Chairman of the Commission on Labour Standards and International Trade, which was a Cabinet-rank post.[23][24] In his book, Swamy asserts that Manmohan Singh acknowledges his role as well.

 

The Congress on Monday cited a set of Reserve Bank of India (RBI) data to argue that the central government must acknowledge the "acute slowdown" and asked to put the "economic mess" in order.

Addressing a press conference, newly appointed spokesperson Supriya Shrinate said RBI's data clearly showed that commercial credit declined by around 88%.

Between April 2019 and September 2019, said Ms. Shrinate, credit has collapsed indicating a stalling of economic activity.

 
The Congress spokesperson also raised questions over the growth rate of 5%, saying the question is "how are we growing without this credit".

"We would want the data to be mulled upon. We need to understand it. In the last one year, fund flow to the commercial sector is down by 88%, according to a new RBI data. Last year, this figure was at Rs 7.36 lakh crore now it is around Rs 91,000 crore,"she said. 

"This is happening despite RBI cutting repo rates. Repo rate is down by 1.35% from January to now. Despite that people are not taking credit because they're not convinced that they can do economic activity with this credit because people are insecure about their jobs,"Ms. Shrinate added.

‘Need bold reforms’
Arguing that the government's piecemeal approach won't work, the Congress leader urged a comprehensive approach.

"The RBI conducted a consumer confidence survey, it is at a 6-year low in September. People's faith in the Indian economy plummeted to a 6-year low in the month of September and over 50% of the people are convinced that jobs will no longer be created," she said.

We are witnessing the Depression today and the present Min of Finance is not even acknowledging the Slowdown.

We need Swamy as FM situation is going from bad o worse each day.

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