NEW DELHI: BJP MP Subramanian Swamy, who has often criticized the current government’s economic policies, believes only individuals with a solid grounding in the field of macroeconomics can pull the economy out of its current tailspin.
Swamy believes that the government today needs a crisis management team of experienced politicians and professional but politically-savvy economists who are rooted in Indian ethos and not compliant to institutions like the IMF and the World Bank.
“Today, the economy suffers from clueless economic stewardship, cloaked in spin, and media management, while the economy is debilitated by serious multiple structural flaws that make this current slowdown unlike any other we have experienced in India since 1947,” he writes in his book titled, ‘Reset: Regaining India’s Economic Legacy’.
He also believes that many members of government subcommittees have no formal training in quantitative economic logic to be applied in a macroeconomic framework.
Swamy also said that as of now, he believes, the Modi government does not the contingency prescriptions ready to address the tailspin being experienced by the Indian economy.
Swamy, however, is hopeful that India will come out successful, as it has in all crises in the past 72 years.