Abolish income tax, hike FD interest, cut it on loans: Subramanian Swamy
Chandigarh, Aug 24: BJP MP Subramanian Swamy on Saturday batted for abolishing income tax, hiking interest rate on fixed deposits and lowering it on loans to spur economic growth.
"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," said Swamy, talking to reporters here.
He said he is also coming up next month with a book, suggesting steps to spur economic growth.
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, he added.
Swamy made the remarks when asked if the steps taken by Finance Minister Nirmala Sitharaman would revive the growth.
In a bid to boost economy on a five-year low, the Centre on Friday announced a slew of measures, including the rollback of surcharge on foreign and domestic equity investors, a promise to review the super rich tax on high networth individuals, exempting startups from 'angel tax', a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks.
To bolster consumption, the government has also persuaded banks to cut interest rates, a move that would lead to lower EMIs for home, auto and other loans.
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4 workers die after being buried under coal slurry in Jharkhand's Dhanbad
Dhanbad (Jharkhand) (PTI): At least four workers died after being buried under coal slurry in Jharkhand's Dhanbad district on Saturday, a police official said.
The incident took place at Moonidih coal washery in the command area of Bharat Coking Coal Limited (BCCL).
"Bodies of all four workers were dug out of debris during a rescue operation," Putki police station in-charge Waqar Hussain told PTI.
The incident took place when coal slurry was being loaded into trucks by workers, during which a large chunk of slurry fell and trapped several workers underneath, officials said.
The deceased have been identified as Manik Bauri, Dinesh Bauri, Deepak Bauri, and Hemlal Gope.
Meanwhile, the family members of the deceased and local villagers placed the bodies in front of the washery gate and began a protest.
They demanded compensation, jobs for dependents and action against those responsible for the incident.
Police and administration officials are trying to pacify the protesters, an official said.
