Abolish income tax to eliminate economic crisis: Swamy

Swamy informed that he is also coming up next month with a book, suggesting steps to spur economic growth.

Chandigarh: Batting for abolishing income tax, hiking interest rate on fixed deposits and lowering it on loans to spur economic growth BJP MP Subramanian Swamy on Saturday said, “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.”

Swamy informed that he is also coming up next month with a book, suggesting steps to spur economic growth, PTI reported.

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When asked if the steps taken by Finance Minister Nirmala Sitharaman would revive the growth, Swamy said, ‘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.’

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