Former Union Minister of Commerce Subramanian Swamy has said that he could not find in the Union Budget policies that would enthuse people to come up with innovations.
Delivering a lecture on the Union Budget at the SCMS-Cochin campus here on Tuesday, Mr. Swamy said that it was more focused on enthusing only some sections. “The corporate sector will be very happy that you have given this exemption, that exemption. The middle class is crying because they have got nothing so far,” he said.
Mr. Swamy said the most important aspect of growth was not more capital or foreign direct investment but the technology that FDI brought in, “which you do not have today”.
“Today, we generate electricity with coal. Tomorrow, we generate electricity with thorium, much more efficient; going for cars with hydrogen fuel cells. That should be the focus. You will get a huge benefit in terms of technological progress because it will have lot of spillover effects,” he said.
Stating that the country’s young population had to be imparted high quality education to help them become entrepreneurs, Mr. Swamy urged the youth to take risks in their lives.
“They should start their own companies. [You should] know how to take risks. That kind of young people have to prepare, seek opportunities and progress. The budget should reflect that,” he said.
Mr. Swamy said the allocation for universities should have been much more than it was in the budget. “There is hardly anything. In fact, the HRD Ministry’s allocation is being cut by 20 per cent because of the so called financial constraints,” he said.
Describing Indians as great savers, Mr. Swamy said the middle class should have got abolition of income tax [in the budget]. “But the Finance Minister didn’t agree. Because he listens to the World Bank economists on his staff, who don’t know anything at all,” he said.
