Kolkata: BJP MP Subramanian Swamy on Saturday claimed that Prime Minister Narendra Modi and Finance Minister Arun Jaitley are not aware of the economy. He said that he describes India as the fifth largest economy, while India is third in this list. Swamy indirectly praised that he does not understand why the Prime Minister says such a thing. India is the fifth largest economy in the world, while according to the scientifically acceptable processes of gross domestic product (GDP) calculation, India is the third largest economy after America and China.
Swami, who often had a dispute about his statements, said, “I do not know why our Prime Minister is saying that the fifth largest, because he is not aware of economics and the Finance Minister does not know economics.” The masters who taught PhD in economics from Harvard and those who taught this topic there have often been criticizing Jaitley.
Swamy said that according to calculations based on exchange rates, Indian economy is at fifth place in the world. He said that exchange rates continue to change and due to the rupee fall, India is currently the seventh largest economy on the basis of such calculations. Swamy said that the correct method of calculating the size of the economy is purchasing power capacity and on the basis of this, India is currently at the third position.
Subramaniam Swamy, while addressing a group of people here on the issue of “Engaging People’s Republic of China”, said that before the invasion of colonial forces, India and China were the world’s richest countries, respectively, in the first and second places. Swamy said that Jawaharlal Nehru had refused India permanent membership in the United Nations Security Council in 1950. He said that the first Prime Minister of the country had said in the “Sarvodaya Mood” that it (permanent membership) China should know.