BackIf I were FM | Narayan Ramachandran, MD, country head, Morgan Stanley India
If I were FM | Narayan Ramachandran, MD, country head, Morgan Stanley India
PremiumNarayan Ramachandran, MD, country head, Morgan Stanley India
If you had three wishes?
Also Read More on Budget 2009
If you could end something?
I would end the subsidy—both for petroleum products and fertilizers, but particularly petroleum. I think this costs the exchequer, the environment and ultimately the people, because it distorts demand behaviour to the point of egregious choice.
I would leave taxes well alone. Our income-tax rates are low compared with those in many other countries, but the complexity and variety of our taxes makes the total bill onerous.
What is your idea of inclusive growth?
It is a material increase in the number of households who have the opportunity to access, participate and shape a dynamic, vibrant Indian economy. This number is woefully small, probably a mere 25% of households. This must begin with education—not just the three R’s kind—but the type that will make our youth employable with vocational and (English) language skills. This newly created labour force (that could be as high as about eight million a year) needs to be matched with service and manufacturing jobs. Fixing our vocational institutes and our employment matching exchanges to deliver modern, customer-friendly results is key to success here.
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