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