Ad Here  
August
September
October
November
December
January
 
 
Tihar, Puzhal not different from Parappana Agrahara Valli, they are more marginalised Kudos to NDTV... Shaming of Tamils by Tamil farmers at Delhi Delhi is distant… Kulandai was a giant Modi storms Silicon Valley For whom the MIDS bell tolls? Diamond jubilee of Egmore Samskrt School Readers' Mail Why land prices zoom in TN? The rise and fall of Annamalai University TGS- The king storyteller Building loyalty through the stomach The power-full Hindujas Pharma – overdose of copying How Air-India loses customs... A Grand Finale for SN’s MS centenary at the US… Editor's Says A proud Madrasi Bihar – Nitish Kumar adopts the Lalu model PPP mode for upgrading Corporation Hospitals Fortune 500 review Tatas moving out of urea production... TIAM turns a full cycle Moily’s bold thrust The few handicaps... Gay abandon in pricing Strengthen the base... Reliance’s TV – 18 ready to launch Tamil News Channel Shanti and Sadhana through Music Solar, solar everywhere … Welcome focus on core competence A yen for wastage… More heat than light Align crops to agro climate endowments… He saved millions from starvation... Convulsions in The Hindu The nuclear option Airlines in India: cost and space The Gulf aviation boom Gas is the way forward Padma Bhushan for A Ramakrishna Inflation: are we emulating Argentina and Brazil? Recognition to role of NBFCs.... CSR and CMI: promise of another Srinivasan Ramanujan... Computation of GDP – conundrums continue Cleaning Ganga – relocate tanneries and install electric crematoria Preserving for the future Why this malaise in medical education? Parliament in paralysis... IPL type auction for VCs? Increasing non co-operation of state leaders Measuring roof tops in terms of KW/MW Make standards certification mandatory... Delhi is distant Rahman at CIC He continues the focus on social amelioration All eyes on Sankara Nethralaya A think tank for Chennai ONGC at KG Basin Poor representation for Kerala and TN in Cabinet EVM is tamper-proof The why of tax incentives Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Delhi returns to BJP Music happens Lesson from Chandrababu Naidu GM Technology at last! Naidu’s return augurs well for Seemandhra Land reclamation from sea appears cheaper! Mersal magnified Cutting the nose to spite the face A Grand Finale for SN’s MS centenary at the US… Plummeting profits of PSBs TN accounts for the largest recruits by the IT sector Of course, Gujarat is vibrant Tribute – Manikam Ramaswami The balancing act Wise Presidents Permanent secretariat for TN GIM Fuel for thought Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Eternal support for capitalisation of PS banks EEC at the National Media Centre Dr C Rangarajan returns to Chennai Quality education through the PPP mode The sea- saw battle continues... TN-leverage strength of BHEL, NLC... Revving up the manufacturing sector GNS - 100: our first subscriber Mu Sigma – is no more Liberal imports idling indigenous capacities Auto components surge… Remembering Indira Sivasailam... A friendly business group IAS invades NDDB... Towards speedy justice The star of Spencers is no more MHC should not return to its old indisciplined ways China invests in India Don’t seem to feel the pulse… S Ramanathan – a versatile musician, musicologist SoA @ 80 When nations steal growth from one another… Whistle-Stop Tour of Raghuram Rajan Like Hinduism: many paths to reach God... S V Raju – a ‘good’ true liberal Road development slows down Online not in line with brick and mortar businesses... Protest masters... Which side are you, Montek? Alexa – Talking Wikipedia Should we change the official year? Fortune for Indian Airlines There was flood of milk. Reason: no milk commissioner! No engine for this car Intellectual of rare qualities Muffled voices for merit… Banning booze... L&T- the specialty of special purpose vehicles An inexplicable neglect Kinetic Karnataka IPL - no surprise this scam West Bengal: mindless malignancy Come elections, come advertisements... Multi-faceted Venkat Secularism and anti-Hinduism F C Kohli - his concerns all embracing A professional at the helm of IRDA... A welcome initiative by the judiciary Breaththrough in malaria control Telangana in top gear… Limit foreign borrowings to hi-tech, export potential projects... Cement prices continue to rise… Boy, can you beat these? When online building permits work…. Build close rapport with business leaders L&T: focus on infrastructure and more infrastructure… Welcome GST Welcome thrust on trade in Modi’s foreign visits... Delhi Chalo... Russi Mody – a tribute The rise and rise of KCP When Ratan Tata visited SRM London, London Narayan Engineering seats go abegging The Ports’ Pasha expands into Tamil Nadu Things happen by accident and not by design... Put expensive assets created to use... Insurance companies bleeding, yet no decision on increasing FDI limit! TELANGANA at last…BUT Scientists urged to take up farmer-oriented research For whom the bell tolls? More Shakthi to Das’ elbow Sweeter prospects for sugar CRS, a jewel among managers, is no more. Vibrant Gujarat An informal presentation - analytical, forward locking... Small units prefers to remain small... Sri Lanka votes for change The ‘Jayanthi Tax.’ More Shakti to resource mobilisation... Tribute Paytm karo... A C Muthiah – his munificent bequeaths to science Editor's Notes Making ‘my Amaravati’... No Maha Koottani in TN... Discoms deserve better… Tribute – M V Murugappan Polls and promises Modi and the lady Naidu will soon build a new Hyderabad No mega rail project for Tamil Nadu Infrastructure funding – lessons learnt When small is no larger beautiful.. More tributes to GR Funding the un-funded Not just in-laws (and outlaws); they’ve renowned academics at the helm! Nuclear power at the nucleus CIPET hqrs to stay at Guindy – for the present? Welcome changes that testify to Jayalalithaa’s return to health Poor quality of university VCs Bihar elections - the Rajaji formula worked Godspeed, Chief Minister JJ Tax agriculture Shale gas and its shallow future Where is Rajaji? Wanted: a second airport for Chennai Excel Generators provide the vital back-up Solar thermal shines… Return to king coal for urea... Revive development banks... Where a state respects its litterateurs… The Jan Dhan bonanza Robber barons everywhere Air Asia India will set new benchmarks for budget travel WTO Meet: resolved to meet again Shipping woes of Chennai companies B H Kothari - a tribute PC’s preference for professionals The Swadeshi Trump …and of a popular trade leader Quality silica from Neyveli Medical costs hit the roof... CII projects higher growth… Odisha: spectacular win by Naveen Patnaik The brown list of Venkitaramanan When TN politicians can emulate Kerala's Sweet news for TN sugar mills Another Indian music maestro at the UN Tough task taking states together Adapt Vajpayee dinner diplomacy to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines New IT products of Ramco in the pipeline… Tribute – UCAL Selvan… Marketing expert Balagopal is no more Rs.1600 crore paper board plant of TNPL Maximising the micro pricing … A rich pool of talent not utilised…. Streamlining mandatory third party cover Roaring Ro-Ro facility An enemy’s enemy is a friend This scant respect for Law Silver Years of Madras Musings When the President was rendered homeless… Noble nonagenarians... Tatas moving out of urea production... Haul over the coal Contrarian cousins Focus on quality of power - its only around 170-180V Adharma of opposition politics A more liberated TN… Waning interest in public discussions… Lalu’s envy, India’s pride Demise of a media baron... TN – agglomerate land holdings without alienating ownership Colour-Chem’s colourful KRVS Fall in crude prices help in oil sector reform The ‘Ayyo-yes’ is no more Five star activism stalls development activity R Sridhar steps down as CEO of Shriram Capital A glass full of corruption
 
Things happen by accident and not by design...

“The government lives from moment to moment. There is hardly any thinking in formulating policies. The finance statement in the budget papers appear like a Chinese menu card. Hundreds of files pile up and there is a series of meetings to attend. Where is the time to think? Therefore the Government of India doesn’t think. Things happen by accident and not by design!”

Such candid views can come only from a seasoned politician with deep insights into the working of government. Yashwant Sinha, is a 1960 batch member of the IAS and later Finance Minister during the crisis year of 1991 and during 1998 -2002 in the NDA 1 when the economy flourished. Delivering the first G  Ramachandran Memorial Lecture in Chennai, Sinha illustrated this maxim describing the course of the liberalisation of the insurance sector.

Sinha referred to P Chidambaram as Finance Minister piloting a bill to reform the insurance sector during 1996-97 when Deve Gowda headed a fragile coalition government supported by the leftists (the CPI was part of this government). But when the alliance partners opposed, the bill was withdrawn.

“In 1998 N Rangachary (Chairman-Insurance Regulation and Development Authority) came to see me. A member of IA&AS and of my batch, we were old friends and I had great faith in him. NR convinced me on permitting private players and foreign partners into the insurance sector. But for NR, this opening up would not have happened.

“The Parliamentary Standing Committee on Finance was headed by Murli Deora. We were personal friends. We worked to manipulate the committee to open up the sector. A new version of the bill was presented to the Parliament. We had several meetings. The Congress Party agreed to support the bill but wanted foreign direct investment limited to 26 per cent. He had no choice and agreed to this.

“In 2004, Chidambaram wanted to raise this to 49 per cent. But, the coalition government supported by the Communists from outside, did not agree and threatened to walk out. So, the bill could not be taken up until 2008 when the Communists were out of the go

vernment. It was introduced in the Rajya Sabha. I was the Chairman of the Standing Committee. The Congress leaders reminded me of the NDA government initially opting for a 49 per cent limit. But, we wouldn’t then agree! And the matter could not progress.

“The NDA is today in favour of increasing the limit to 49 per cent. Of course, the Congress is still hesitant and the bill is still pending!”

Sinha described GR as an icon to be emulated for his brilliant administration. GR had the unique experience of working with several giants and commanded their respect and attention. These included Rajaji, Kamaraj and C N Annadurai in Tamil Nadu and Indira Gandhi, Morarji Desai, Charan Singh, R Venkataraman and Manmohan Singh at the Centre. Known for rich contributions to finance administration at the Centre and the state. With his invaluable inputs, especially to Indira Gandhi, for many of her socialistic initiatives like bank nationalisation and ‘stray thoughts’, GR, in a sense, contradicted Sinha’s dictum that “the government didn’t think, things happened by accident and not by design.”

I have had the opportunity to interact with Sinha at the Economic Editors’ Conferences during 1998-2002. I remember the smooth manner in which he piloted the rather complex move to introduce uniform sales tax for states. Remember his party was leading a loose coalition of over 20 parties, most of these regional and BJP did not have control over most of the states? His ability to convince the leftists, involving Jyoti Basu as head of the committee of a group of state chief ministers and later the West Bengal Finance Minister Ashok Mitra as the head of the empowered committee of state finance ministers was a master stroke in the implementation of the uniform sales tax.

 

Author :
Reported On :
Sector :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com