Wrong policies adopted during tenure of Arun Jaitley, reasons for slowdown, says BJP MP Subramanian Swamy; ex-FM remains in ICU

Pune: BJP lawmaker Subramanian Swamy has said the withdrawal of Jammu and Kashmir’s special status was correct but the state of economy “needs to be corrected” as this issue is also important for national security and nation-building.

He was speaking to reporters on the sidelines of an event in Pune. Replying to a question on the Centre’s move to scrap the provisions of Article 370, which gave special powers to Jammu and Kashmir, and the economy, Swamy said, “The economy needs to be corrected. My advice was not sought on the economic front. My advice was sought on Article 370, and it was done correctly.”

The Rajya Sabha MP told reporters on Sunday that the “wrong policies” adopted during former finance minister Arun Jaitley’s tenure were responsible for the economy slowing down. He also criticised ex-Reserve Bank of India governor Raghuram Rajan for raising interest rates.

“I think the wrong policies adopted during the tenure of Arun Jaitley, which are still in force, such as levying high taxes are some of the reasons for the slowdown… Increase in interest rates by former RBI governor Raghuram Rajan was one of the reasons (for the slowdown),” said Swamy. “Yes, the economy should be given priority. In fact, both things are important for nation-building and national security,” he added.

Jaitley served as finance minister during the first term of the Narendra Modi government. Jaitley, 66, is on life support at the All India Institute of Medical Sciences in Delhi.