Black money can be brought back: Subramanian Swamy

An estimated black money amount of Rs 125 lakh crores is said to be stashed abroad

Senior BJP leader Subramanian Swamy has expressed confidence that the Indian government would be able to bring back the black money, estimated to be around Rs 125 lakh crores, stashed abroad.

"I am very confident, knowing the nature of (Prime Minister Narendra) Modi," he said in his address to a gathering of Indian-Americans in Virginia - a suburb of Washington DC.

Observing that bringing back the black money estimated to be around Rs 125 lakh crores would not be a problem, Swamy hoped that the government would soon initiate the process in this regard.

"It can be brought back," he said at the gathering organised by local chapter of 'Lead India 2020' to pay homage to former president A P J Abdul Kalam.

With the help of a few bold economic reforms, Swamy said India has the potential to grow at 12% per annum.

"What you need is to motivate people. Those policies have not yet been implemented, because the Prime Minister is new to Delhi and finding his feet. And his old advisors are in the old mold," he said.

He also called for abolishing income tax.

Praising former prime minister P V Narasimha Rao for his bold steps and sagacity to launch and implement the economic reforms, Swamy hoped that at next Republic Day he would be posthumously awarded the Bharat Ratna - the highest civilian award of the country.

Referring to the disruption of just concluded monsoon session of the Parliament, he said being nice to opposition does not produce results and hoped that the Prime Minister would learn lessons from it.

Initially the new BJP government thought "not to annoy" the opposition so as to have important legislation passed and have smooth governance, he said.

"But with the Parliament session being disrupted, now our government knows very well that being nice to the opposition does not produce results," Swamy said.