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Biography
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Appointments
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International assignments
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Special distinctions
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Public activities
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Cherished memories
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Quotable
Quotes
Quotes
by DRP
Quotes that inspire DRP
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Quotes by DRP
DRP is known, respected (and pilloried) for his often
off beat, ahead of times views on economic issues
attacking conventional wisdom. A sample from his
published articles
*
Privatisation
is neither a panacea nor a general tonic. It is a
specific medicine to treat specific economic ills (1985)
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*
Public sector
in India milking the people and the Government? No sir.
It is the corrupt politicians, the dishonest
bureaucrats, the selfish workers, the Government and, we
the people who are all milking our public sector (1988)
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*
The Economic Survey,
published by the Government of India, should best be
discontinued. Not because it is too bad; but because it
is too good. It is a waste of talent and hard work. It
is a public display of utter disrespect year after year
to its policy prescriptions (2009)
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* Much of the western world suffered from the
worst recession
in over fifty years. We insist that we in India have
nothing like a recession [A decline in GDP for at east
two consecutive quarters]. At the worst, we have a
slowdown in our sharply rising GDP growth rate of recent
years. Yet, in size, in urgency, in timing and pattern,
the series of our fiscal stimuli [i.e. the shopping list
for stepping up government expenditure largesee] matches
that offered in the west (2009)
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*
Competition?
Yes, we want it. Competition Law? No, please (2000)
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* The
credit authorization scheme
should be scrapped (1987)
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* Everybody in the
World of Gold
has had his pound of flesh - be they the mine producers,
the refiners of Europe or the traders of Middle east and
Asia - all at the expense of Indian consumer. We must
get enough mileage from our dominant position in the
world of gold. I am happy that the LBMA [London Bullion
Market Association] has now decided to open a new class
of 'International Associate Members.' I note that these
'Associates' will be required to fulfill the same high
criteria of eligibility as are applicable to LBMA's full
members. They will have no voting rights, but will be
entitled to many of the other benefits available to the
full members. The LBMA is clearly responding to emerging
realities. I look forward to the day when there will be
an MBMA {Mumbai Bullion Market Association}, and the
MBMA too will open a similar new class of 'International
Associate members (2000)
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* Our zero-merit
gold policy,
mindlessly pursued from 1962 to 1989, has played a
crucial role in elevating the underworld and mafia to a
position of influence (1997)
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* I reiterate that the the Fiscal Responsibility and
Budget Management Act
[FRBMA]
should never have been enacted. It has been broken by
the Governments almost every year since its enactment.
We knew it will be. Such laws only perpetuate disrespect
for laws. With the addition of the fiscal stimulus now,
the Act is dead for all practical purposes. There is no
point and no need for giving it a reincarnation as FRBM
II. It is best rescinded forthwith (2009)
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* Yes, India is not like the other Asian tigers; swift
and fast. We are a
slow paced elephant.
But, remember, elephants are vegetarians. They do not
live by killing other live animals, small or big. Yet,
no living animal , small or big, dare attack an elephant
except at its own peril.
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*
Elections to the Lok Sabha
and State legislatures have become highly
capital-intensive industries; as well as a major source
of and outlet for black money. Gandhiji's dream of their
being a mode of service to the people stands shattered.
Let us come to terms with realties: [1] Limits on
expenditure by candidates should be scrapped. [2] There
should be 100 % income tax credit, as distinct from 100%
deduction on in income, for donations to recognised
contestants. Such donations would then amount to State
funding of elections, an idea fruitfully practised by
some countries already (1996)
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*
Government expenditure
needs to be drastically curtailed on a permanent basis.
Drastically is a mild word. It needs a savage cut. It
can be done. Here is my 7 point plan (2000)
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*Income
tax exemption limits
and tax slabs should be automatically linked to the
inflation index. No discussions and prayers annually
(1977)
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*Corporation
tax
should stand reduced automatically by one percentage
point per year for the next five years. Any changes
should be declared to be effective after five years
(1977)
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* 'A fundamental rethinking on the role of Planning and
the
Planning Commission
is now overdue. The Commission's business needs to be
restructured by demerging its regularity fifth-wheel
business from its Think tank business. The rusted
fifth-wheel should be sent to the scrap yard and the
think tank be privatised by letting it be taken over by
an independent Foundation" (2004).
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