Women are the backbone of our economy: Subramanian Swamy

CHENNAI: The Economic Association of MOP Vaishnav College for Women, ‘Earth’ was inaugurated by Indian economist and Member of Parliament, Subramanian Swamy on Friday. Initiated in 2018, the Department of Economics conducts events and holds discussions through the association.

Talking about the crucial role of women in holding the economy together, Subramanian Swamy said, “Women always played an extraordinary role in our economic history and held key positions. Even in contemporary times, India is distinguished by the high rate of savings that we have as a ratio of GDP. Of the savings of the economy, 81 per cent is contributed by the households, mainly by women. No other country in the world has that kind of proportion.” 

He later discussed the current scenario of Indian economy, major blunders and also provided some solutions to the issues. “We can reverse the financial scenario of India by making three key changes. Abolition of income tax as most of the people are already not paying IT tax, reduction of interest rate from 12-13 per cent to 9 per cent as this will give a big boost to investment and last but not the least, raise the fixed deposit interest to 9 per cent.” Chairman and MD of Express Publications (Madurai) Limited and also the secretary of MOP, Manoj Kumar Sonthalia, principal of MOP, Lalitha Balakrishnan were present at the inauguration.