Montek Singh Ahluwalia, former Deputy Chairman of India's Planning Commission, recalls the extreme resistance and political compromises required to introduce computerization in Indian public sector banks in the 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 won't be the case that you won't need tellers.”
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More from Montek Singh Ahluwalia
Opinion
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.”
Montek Singh AhluwaliaNov 9, 2024▶ 1:25:01MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
AssertionSupported
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 Singh AhluwaliaNov 9, 2024▶ 52:24MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
Insight
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.”
Montek Singh AhluwaliaNov 9, 2024▶ 1:11:35MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
Opinion
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.”
Montek Singh AhluwaliaNov 9, 2024▶ 1:26:09MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
Insight
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.”
Montek Singh AhluwaliaNov 9, 2024▶ 1:29:39MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
AssertionPartly supported
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.”
Montek Singh AhluwaliaNov 9, 2024▶ 1:37:59MONTEK SINGH AHLUWALIA PODCAST: Top Economist Explains India’s High Growth Years On The Neon Show
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