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