India didn't grow fast enough till 1990s due to Nehru's policies: Subramanian Swamy

BJP Rajya Sabha MP Subramanian Swamy on Wednesday said that the Indian economy did not grow fast enough after Independence due to Jawaharlal Nehru's insistence on adopting the Soviet economic model. He further said that today if India determines, it can become the most developed country in the next 10 years.

Speaking about the Indian economy Swamy said, "The British have looted and taken away 71 trillion dollars from India. After Independence, India did not grow fast enough till 1990. It is because of Jawaharlal Nehru as he insisted on adopting the Soviet economic model."

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"Ideological mistakes were made after Independence till the government of Chandra Shekhar, which was short-lived, and the full term of Prime Minister Narasimha Rao. The wrong policy of going very slow led India towards being not in a position to recover. Target has been set by Prime Minister Narendra Modi that by 2024 we shall reach the mark of $ 5 trillion GDP," he added. 

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'Foundation laid'

Earlier on February 9, Union Finance Minister Nirmala Sitharaman said that the Centre, in the Union Budget for the financial year 2010-21, has laid the foundation of increasing consumption while ensuring that the government's investment is deployed to build infrastructure leading to a USD 5 trillion economy by 2024-25. She also pitched for rationalisation of GST rates once a year and not every three months as was the trend so far.

Speaking to the media Sitharaman said, "I think we have laid the foundation for increasing consumption, ensuring that CAPEX (capital expenditure) and government's investments will go towards spending on the building of assets in infrastructure which should have cascading effects both in the short term and in the long term. In order to address rural distress, 16 focused action points have been announced in the budget. So I expect all this will lead to a five trillion dollar economy." 

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(With Agency inputs)