India in Strong Position to Overtake Chinese Quicker: Swamy

Published: 25th August 2015 02:03 PM  |   Last Updated: 25th August 2015 02:03 PM   |  A+A-

By PTI

WASHINGTON: It is time for the NDA government to convert the current Chinese economic crisis into an opportunity by doing right things, says a senior BJP leader.

Also, the current financial crisis would have a tremendous impact on the Chinese ambition to emerge as a global superpower and develop Yuan as a viable international currency challenging the monopoly of the US dollar, he says.

"It (Chinese economic crisis) is an opportunity for India," senior BJP leader Subramanian Swamy told PTI.

A former union cabinet minister, Swamy had predicted earlier that the Chinese economy would collapse by 2020.

"I am glad that it is happening five years earlier," he said.

"I think it is structural failure which is taking place in China. The whole Chinese economic system is not an indigenous system," said Swamy, who is currently on a US tour giving speeches in various cities across the country.

"We are in a stronger position to overtake China, if it does the right thing," he said.

Noting that it will take China to recover from this economic crisis, Swamy said it is time for India to get ahead of its northern neighbour by taking the necessary steps.

Urging Prime Minister Narendra Modi to fire his economic advisors who were earlier based in the US, Swamy said there is need for him to have a brain storming session with people within the party, who would give him the correct advice.

He urged the government to lower the interest rate to 9 per cent, and called for abolishing income tax, as one of the few steps to accelerate economic development of the country.

One of the immediate casualty of this financial crisis is that China would have to "give up" its game of replacing US dollar with Yuan as an international trading currency, he said.

"When the Prime Minister offered me the presidentship of the BRICS bank, I told him that the situation is so uncertain, how can I work at the bank. I had foreseen this," he said.

India, Swamy said, should take pride in the fact that it has a "much much better" financial system and New Delhi has to build on it.

"Unfortunately, the Reserve Bank of India Governor is undermining the financial system," he alleged.

Swamy feared that because of some of the actions of Union Finance Minister and the RBI governor, India too would have to face consequences of the Chinese economic crisis, which could have been avoided by taking the correct steps.

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