Everything Montek Singh Ahluwalia said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Ahluwalia: India should privatize almost all public sector enterprises
“I'm of the view that with the exception of very, very small areas, we should actually privatize the public sector.”
India's 1991 Economic Reforms Were Not Dictated by the IMF
“And you know, one of the biggest fallacies Is that these changes were made because of the IMF. This is totally false. It is true that the IMF would have said reduce the fiscal deficit, but everybody was saying reduce the fiscal deficit. The IMF would have insi…”
Montek: Keeping an undervalued exchange rate is often beneficial for growth
“Keeping an undervalued exchange rate is very often good for the economy. This is a very important East Asian lesson.”
Ahluwalia: Indian Public Sector Pharmaceutical Companies Have Been a Disaster
“Because on vaccines, the best job has been done by the Serum Institute of India. It's not a public sector company. Public sector pharmaceutical companies have been a disaster.”
Management Consultants Tell Corporate Executives Exactly What They Want to Hear
“Consultants are trained to tell the management what it wants to hear. Very rarely does a consultant make a recommendation to a top management Which actually would make the top management realize that, you know, what its prejudices were wrong.”
Indian Government Decriminalized Only 100 of 5,000 Recommended Business Penalties
“Finally, they did recommend to the central government that at least 5000 need not be a criminal penalty, and so a lot of work was done. But in the end, only 100 were removed.”
The 1990 'M Document' Reform Blueprint Survived Only Through V.P. Singh
“The paper would have been killed if VP Singh had not circulated, not instructed that it be circulated.”
Ahluwalia: India Abolished Decades of Import Licensing in Just Eight Hours
“So, you know, I was really struck that a system that had been built up over several decades, effectively got abolished within eight hours, starting with when Chidambaram first called on Manmohan Singh to when Narasimha Rao signed off on the file.”
Ahluwalia: India's 30-Year Economic Reforms Should Have Been Completed in 15
“I think too gradualist, in my view, and I've said this in backstage, there is a case for gradualism because you cannot subject a system to extreme shocks. But I feel what we did in 30 years, we should have been able to do in 15.”
Rangarajan Promised Bank Unions Transaction Caps on Early Computers in 1990s
“You know, there was phenomenal opposition from the banks and he had to make a promise to the banks at one time that we're going to computerize the banks, but don't worry. We'll fix it so that the computer can only handle so many transactions per day so that it…”
Montek: Artificially maintaining an overvalued currency weakens a struggling economy
“When a weak economy tries to pretend that it is strong by keeping the exchange rate strong, in other words, overvalued, it actually weakens the economy.”
Under Equal Competition, India Would Export More Cloth Than China Today
“Had we competed with them on equal terms, we would not have been importing British cloth. We would have been exporting cloth much more than China's doing.”
Internal Government Committees Almost Never Recommend Radical Policy Changes
“Committees which are set up within the government almost never recommend radical change because they're set up, they're run by the same people who are running the system. So understandably, their mental image is, we can improve the system a little bit. Let's m…”
Ahluwalia: Protecting Domestic Imports Is Equivalent to Taxing Exports
“If you protect imports through whatever means, that's equivalent to taxing exports. Because if you wanted to generate the same reduction in imports, which your protection is doing, and you did it through an exchange rate change, exporters would have a boom.”
Ahluwalia: Governments must initiate systemic economic reforms early before goodwill fades
“You've got to initiate systems reform early. In your prime ministership when you have goodwill. If you lose that momentum, sooner or later you'll get stuck.”
Aluminum Deregulation In India Required B.G. Deshmukh's Backing
“Deregulation of aluminum done at one stroke in would never have happened if Deshmukh hadn't backed.”
1991 Economic Reforms Gave Indian Exporters 30% Tradable Import Licenses
“So what we did was said, no, what we'll do is instead of this system of export licensing, where we used to calculate what are the imports that an exporter really needs, and then give him an import license for those imports, which only he can use. Okay. We said…”
Narayana Murthy Lost Seven Months Importing a Computer by Refusing Bribes
“So Naim Muthi, of course, being a very kind of disciplined, honest, morally correct kind of guy, he said, look, I'm not going to pay any bribe. What do I do? He said, it's very simple. You go back and get another license. Which will actually correct, have the …”