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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            Copyright D R Pendse 2009. All rights reserved.