Focus on cars that run on hydrogen cell fuel : Dr. Swamy

Chennai : BJP leader and former Union minister Subramanian Swamy on Sunday said that the automobile

industry should focus on research and development of cars that run on hydrogen cell based-fuel for the country to escape its dependence on crude oil.

Speaking at a session organised by the Jain International Trade Organisation here, Swamy said that the US was posing stumbling blocks for research into the technology as many of its companies had invested huge amounts in infrastructure for crude oil extraction and refining.

“The US has huge amounts of oil. The oil companies there have also developed huge infrastructure in this sector. Therefore, they do not want other countries to develop alternatives such as hydrogen cell fuels,” he said.

Painting a grim picture of the current status of the economy, Swamy alleged that the slide in the value of the rupee was connected to short selling of the currency by “a son and a son-in-law,” who frequently camp in Singapore and Dubai. “You saw a revival of the rupee the moment I exposed this,” he said.  Swamy said that if he became the Finance Minister again, he would like to abolish income tax in the country.

On the recent FDI measures in the aviation sector, Swamy said that it was yet another scam in the making. “I have challenged the nod for the Jet-Etihad deal in the Supreme Court. This is something we cannot allow.”

Executive vice chairman of Ashok Leyland R Seshasayee said that the state of the economy had a lot to do with failure to create public goods and services, which was essential for a robust growth of private goods and services. In this regard, he said the country needed a strong and stable government.

Source : IE

Chenna : Food security bill is disastrous says Dr. Subra­ma­nian Swamy

Chennai: The food security bill is disastrous and sho­uld never have been passed in Parliament, said former

law minister, Dr Subra­ma­nian Swamy of the BJP, who kept 100-odd bu­sinessmen from the Jain community in Chennai spellbou­nd with his vision for the growth of the Indian economy.

“I certainly think that any future government should scrap it,” Dr Swamy said while addressing bu­sin­essmen at a Su­nday morning meeting organised by the Chennai chapter of the Jain Intern­at­io­nal Trade Organi­sation.

Noting that Indira Gandhi had tr­ied something similar to a food security bill by nationalising wh­olesale trade in 1974, but failed miserably and denationalised it, Dr Swamy questioned how the government would buy 700 million tonnes of foodgrains and distribute it to about 83 to 84 per cent of people at 90 per cent subsidy and charge only 10 per cent of the market price.

“The government has drawn up a budget of Rs 1.5 lakh crore for implementing the food security bill. When I asked a senior Planning Com­mi­sion member about where the money would co­me from, he replied that the government would print notes. But what will happen when the prices rise next year, I asked. He answered that we still don’t know which government will be saddled with implementing it,” Dr Swamy revealed.

Talking about the growth rate of the Ind­ian economy wh­ich has reached 8 per cent from 3.5 per cent, Dr Swamy acknowledged the role played by former prime minister P.V. Narasimha Rao.

“The credit for acc­elerating growth thr­ough economic ref­orms really bel­ongs to Nara­sim­ha Rao who had the po­litical gumption to get it done. Anybody can make blueprints. But you need to practically implement it,” Dr Swamy said, add­ing that the former PM should be given the Bharat Ratna.

On future opportunities available for businessmen, Dr Sw­amy said the country sh­ould look at the area of hydrogen fuel cells. “We can’t go on dep­ending upon foreign countries for cru­de oil. We should do more research on hydrogen fuel cells and start using them for our fuel requirements,” he added. He also suggested that people look into the manufacture of solar cooking equipment and harness solar power.

Source : DC