Want The Continuance Of PM Modi’s Strategy For Growth, Job Creation: Ravindra Chandra Bhargava
What is your view on India’s GDP growth?
I think you have to compare the current scenario with what existed before 2014. The course then, which continuously led to tax evasion, generation of black money, siphoning off funds from companies, stagnant growth rates for industry, growing corruption, etc., was that the right course? After 2014, there were serious attempts to change a lot of things that were happening before 2014. So if you say the previous course was the right course, then, of course, the current course is not the right course. But if the previous course is not the right course, it is obvious to me that the current course is the right course.
Which regime has done better on ease of doing business and industry growth?
That is answered by what I said. You can’t do business in a place where there is continuous growth of corruption, black money and where companies are not developing and growing. I definitely want the continuance of PM Modi’s strategy for economic development and creation of jobs by creating an environment that will make manufacturing in India globally competitive.
Some people think a coalition is better than a single-party government. Which do you prefer?
Whether it is a single-party or a coalition or whatever, the ultimate test of a government is what it does. If a coalition government can also do the right things i.e. promote industrial growth, weed out corruption, have tax compliance, implement projects correctly and efficiently, then how does it matter whether it is a coalition or not. That most coalition governments don’t do that is a different matter. In 1991, the reforms were carried out by a minority government.
What would you recommend to tackle job creation, agricultural crisis and rural distress?
If for 65 years you had a system where you did not promote industrial growth and policies were anti-industry and anti-manufacturing growth, and if you think all that can change in 3-4 years and everybody will start working in a different manner, it is not possible. Agriculture has been in a crisis for the last 70 years. Productivity has remained very low largely because of the policies, including short-term policies for getting votes. For example, MSP is a short-term answer and only a long-term answer will increase agricultural productivity.
Do you think it is fair to compare India with China?
Comparison is only valid to the extent that in 1950, we were economically ahead of China. When India gained independence in 1947 and we started developing, we were much ahead of China. Now we have fallen almost 10 years behind China. The political system in China is different from ours. So a lot of things which you can do in China, you can’t do here.
Do you believe that our labour policies are not industry friendly?
The laws today don’t recognise the fact that industry and labour have to work together. What was true earlier and what Karl Marx talked is no longer valid in today’s world. Because in a competitive world, if a company doesn’t do well, who suffers? How does the labour get protected in terms of jobs, better emoluments, etc.? So I am not saying that labour reforms are not required. But what’s also needed is the whole understanding of what labour management relation should be and how that relationship should be built.
