India needs to rebuild business confidence: Raghuram Rajan (economic adviser to the Prime Minister of India)

As an immediate prescription to set things in the right direction, Rajan calls for a complete relook at the public sector, including the breaking up of monopolies like Coal India Limited, while giving a level-playing field to the private sector.

Addressing the graduation ceremony of Indian School of Business (ISB) on the theme whether the Government in India is performing its appropriate role, he said: "Even as the world becomes more competitive, India's star has dimmed in the last few months, as our governance is besmirched by corruption scandals and our macro economic health has deteriorated."

Rajan, who is also currently an economic adviser to the Prime Minister of India, was critical of the recent government actions such as the change in tax laws in the light of the Supreme Court judgement on the Vodafone case. A government that changes the law retrospectively at will to fit its interpretation introduces tremendous uncertainty into business decisions, and it sets itself outside the law, according to him.

From: http://www.business-standard.com/india/news/india-needs-to-rebuild-business-confidence-raghuram-rajan/470556/

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