India's first ever Swadeshi plan that was introduced by Dr. Subramanian Swamy

Dr. Subramanian Swamy's Swadeshi Plan, first proposed in 1970, aimed to boost India's economic growth to 10% annually. It challenged the prevailing socialist model by advocating for a competitive market economy. Key elements included self-reliance, full employment, and nuclear capability development. Dr. Swamy argued that socialism, as implemented in India, stifled growth and innovation, pointing to the Nehruvian growth rate of 3.5% as evidence of its failure. He suggested replacing centralized planning with a decentralized, incentive-driven system, emphasizing agriculture, savings, and technology to counter diminishing returns.

The plan was presented at the request of Jan Sangh leaders like Nanaji Deshmukh and Jagannath Rao Joshi. It faced sharp criticism from Prime Minister Indira Gandhi, who labeled it "dangerous" on the Lok Sabha floor in March 1970. Despite this, Dr. Swamy later influenced economic reforms as Commerce Minister under Chandra Shekhar, laying groundwork for policies adopted in 1991 under Narasimha Rao.

In recent years, Dr. Swamy has continued to reiterate Swadeshi principles, focusing on self-sufficiency in food, medicine, and military technology. Posts found on X from 2020 show him urging the Modi government to revive his 1970 plan, suggesting measures like abolishing personal income tax, reducing lending rates to 5%, raising bank deposit rates to 9%, incentivizing corporate R&D, and funding infrastructure through liberal note printing.

According to Dr. Swamy, these steps will help Indian economy to clock annual GDP growth of 10% which will enable India to surpass China in a span of 5 to 10 years.

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