@@rajat.2 it does'nt hurt for the raven to wish that he looked much like the gorgeous peacock .. but that said ...the raven does have my best wishes ....
I seriously did not know about this guy Sanjeev Sanyal. Had to wiki him up after watching few of his discourses on RUclips. The more I hear him ... even more do I get impressed. He is a Rhodes Scholar, so its kind of obvious that his credibility in economics has to be of immense value. One gotta watch his understanding of Indian History, it just opens up a complete different story from what we often read in our textbooks. I know he has written a few books, trying to lay my hands on them ...I am sure it will be a worthy read ...
Well,I read his book called "The Ocean of Churn" and let me tell you what a delight has it been.After reading so many books on Indian history,this one has still managed to surprise me with a lot of intriguing facts that tell us so much about history in a way that our school books/college books could never manage.
@@myrahann5172 I believe ya ...absolutely ... as they say "winners write history" ... guess that has been true with us ...all thru our ICSE and CBSE exams .. we read none of these "other" things. In the words of Pink Floyd ..somebody needs to peek into the "Dark side of the moon" ....
This is the quality of journalism we expect from ThePrint. Shekhar, you need to help your team to continuously strive to achieve the same quality over time.
@Evan Davis What's wrong in calling oneself Hindu. We know what Christian missionaries do to people, and not only in India but across the globe. And who says caste system is not present in Christianity?? Heard about catholics and protestants?? You know how Catholics treat the Protestants??
@Dhananjay Singh nahi na bhai aap man lijiye aaj nahi manenge kuch saal baad manenge economy nahi chala pati yeh sarkar humne bhi 3 baar vote kiya 204,2017,2019 national security pe achchi hai magar economy me nahi achcha kar paari BJP
Farm laws minimize government involvement in our lives but the BJb withdrew. When SSR committed suicide, the central government sent all their agencies after his ex girlfriend.
after decades of observing indian politics, have i seen a economist with sanyals acumen. hopefully modi supports him and gives him a free hand like narsimha rao gave to manmohan singh
He's so plain spoken, it's refreshing to have a government official who can speak so plainly. He's got a bright future ahead of him managing India's economy.
@@vamsikrishna3855 Currency Devaluation was probably only 2% of what he did. Go through the budget he presented and the policies he pushed. You will know what he did. Sanjeev Sanyal is on the right track but has a long way to go, I wish him good luck.
@ Sanjeev Sanyal is very clear about what we need to do and I'm glad the government has found themselves in a situation where they can listen to him with little political fallout. This fallout will continue to increase. Only time will tell if PM Modi without care to his political career continues on this path. I hope he does. Liberalisation destroyed Narasimha Rao by eleminating possibility of many present and future alliances but it helped many Indians create a great future. Also, we couldn't have had a better RBI governor than Raghuram Rajan when we did. If today during Covid we haven't seen a serious rise in NPA's or companies shutting down and in turn causing serious issues with our banking system it's bcoz Raghuram Rajan forced the banks to disclose their NPA's and provision for their probable losses from their profits. Evergreening was the biggest problem with our Banks. And if we wouldn't have had banks declaring NPA's the government wouldn't have been forced to set up The Insolvency and Bankruptcy Code. The IBC has scared the companies into paying up their loans bcoz if they don't they can loose control of their companies.
@@vamsikrishna3855 You are right Narasimha Rao proposed getting rid of the Monopolies and Restrictive Trade Practices asset limit totally. Industrial licensing would be abolished for all projects except for a small list of 18 industries but with Manmohan Singh's conviction as a FM. So, Manmohan Singh helped with discontinuation of the license raj paving way for entrepreneurship in India, laid the foundation for FEMA (the older FERA had criminal consequences and the new more civil, making exports easier), introduced TDS, made structural reforms in Taxes (Indirect taxes, custom duties and excise levies), all this without increasing the Income Tax or the surchage on the common man. Allowed FDI and Disinvestment of 20% in Public Companies, reduced subsidy (especially sugar, petrol and fertilizers which allowed this money to be invested into Capex), allowed private mutual funds to open and gave powers to SEBI to better regulate the markets (especially important considering the frauds in the Market) and many more. For more info please Google and download the budget pdf. Some more titbits; * Manmohan Singh worked with the team in Finance Ministry for close to 10 years to gather the research required for these reforms without knowing if life would ever give him the opportunity to apply it. But it was not Manmohan that first tried to apply it, it was Yaswant Sinha. But where Yashwant Sinha failed, Narasimha Rao flourished. * These reforms were very unpopular and strangely vehemently opposed by the then opposition. If it wouldn't have been for the political decisiveness shown by Rao (even at the cost of his political career), the endeavour would have failed.
@ Justin Joseph : I think it was more complicated than that. When India got free, we had no choice but to continue with the Defence, administrative and police structure that the British left behind. Not doing so would have caused anarchy and it would have propped up local strongmen that would have controlled different parts of the country by force. This happened in many African and South East Asian countries. By ensuring continuity and aligning the incentives of the Defence Forces, IAS, Tax Authorities and the Police to a democratic India, we avoided a long drawn civil war. The problem was we did not grow economically as fast as we should have. Many reasons behind it, one of them being we were leaning centre-left and never allowed free markets. But free markets were not acceptable to a Indian society post independence coz of the steep distrust of Businessmen and Industrialists in pre and post Independence. It was a catch-22 situation, either decision would cause our new born and fragile democracy to fall apart. The only solution was a middle path of social capitalism by government nationalising big and critical industries and then expanding them. The idea was to slowly build the necessary environment for nurturing private participation in nation building and then handing them the reigns of economic development. Alas, that didn't happen, the new regulations created different set of incentives and kept delaying this shift in public to private led growth. It finally happened when Narasimha Rao and Manmohan Singh joined hands to liberalise the Indian Economy. We were probably 20 years late to the party.
@@z2zugzwang agree with your synopsis may be 40% .where we failed is our representatives then started to have higher ambitions to become world renowned statesman and be at helm of affairs for ever and ever . Contrast it with Nelson mandela. The non align movement was waiste of resources and time . Personal glory cost us the speed of development.
@@vivekt4896 You are correct but only in hindsight. Our options were limited here too. If we would allign with Russia we would have faced indirect economic sanctions from the west and we were desparate for economic growth. But if we sided with USA, we would have had Russian backed enemies in our backyard, more than we could handle. Think about it; * Pakistan to our west and east * Communist China and USSR controlled Afganistan in the North * An unstable Mayanmar in the East turned dictatorship in 1962 * A China and USSR backed Srilanka What were our choices? Also consider this, 1950 onwards Pakistan sided with the American but that has not helped them in any form. It only complicated their internal and external politics. Today Pakistan without the development promised by China is worse than we were pre liberalisation of our economy.
@@z2zugzwang , Yes, Blaming privatisation completely for all the previous ills is wrong. For example, in the beginning of cell phone in India, BSNL was the only one which gave best connectivity across India. They spend money on towers in remote locations which no private corporate will do, considering the cost benefit ratio. Private companies gave good connectivity only in cities and for across India they used BSNL towers. Similarly, public OMCs, ONGC etc often takes losses to susidise your fuel which no corporate will do. Now , since the dirty job is already the done by them and is behind us, private companies are ready to buy them. Public sector companies were needed then to create an equitable society from a highly feudal and unequal country.
Oh my god I can't believe he talked about Dhosi hill.. That place is a few km away from my nani ghar.. Bhankhari in Narnaul, Mahendragarh . And he talks about khetri mines also.. omg.. this man is such a great knowledge of Indian history.
@@sheilakijawani2526 it must be in ncert but ask a layman whether he knows or not... My comment was more about his love for the country..And as far as looking beyond the haze.. Go and check his credentials ..
very few journalists interview like Shekhar Gupta. Journalists ask questions not to get an answer but to have a pause to breathe and ask next question. Shekhar gupta was readily listening and demanding more examples from Sanjeev Sanyal
@@jonsnow1055 Did he talk about Arnab? OR did he say he loves arnab. Jab points na ho toh question deflect kardo. This is what so called intellectuals like u do
Please do this again - it was wonderful listening to him and learning from him- we are proud to have intellectuals like him in our country - may his tribe increase!!!!
Sanjeev Sanyal is very outspoken, knowledgeable, and clear in his thoughts... We are blessed to have civil servants like him at the helm of affairs. Sekhar was equally wonderful in his capacity as the interviewer and asking the right questions.
What a clarity of thought.. India is fortunate to have a brilliant and pragmatic Principal Economic Advisor.. Always a pleasure to hear Sanjeev Sanyal... God bless him..
@@aproksha meaningful changes are supposed to stir some pots. It was political opportunitism that gave rise to this ostrich phenomenon of Indian Secularism, it is precisely brought in to permanently stay in a state of denial about the reality of a nation founded on one of the bloodest religious conflicts in human history.
@Ea Sa Lol Modi has denied Chinese inflitration despite glaring proof for it. This shows his own weakness at admitting the truth. And our foreign policy was much better under MMS. We had the solid backing of Russia and distanced yet friendly relationship with the US. Now they support Pakistan and China more than before and US is as opportunistic as before.
Indian economy is in safe hands. We will remember this period of history as a phase of excellent reforms which propelled India's growth...all thanks to Sanjeev ji
There are 2 types of Bengali intellectuals. One like this guy and the other poverty engineers like Amartya Sen. Unfortunately, the latter ones are much more prominent nowadays
Yeah ... the "poverty engineers" as promoted and upheld by the "Communist Intellectual" culture of Bengal. I just so wish that Bengal followed the capitalist philosophy since day one ....
@@atanughosal01 with their intellectual prowess if they focused on capitalism from day one instead of the communist bs , the state would have been a trillion dollar economy by now. As Bengal was the most advanced stte during independence
@@darkwolf8692 Absolutely correct ... instead they adopted to bootlicking of Lenin's and the Mao's of the world. Even worst at some point in time they even promoted Fidel Castro ...and now they have turned West Bengal into Cuba ....which otherwise could have looked like any other developing nations ...
@@atanughosal01 hope that happens. It wont just help Bengal but the entire eastern region. I am not sure how much long lasting damage has already been done by communist and quasi communist govts in almost 4 decades. Maybe this election will tell
@@atanughosal01 not just west bengal itself but the scourge of ultra left naxalites still affects the neighbouring states. The fact is Punjab in the north, Gujarat in the west or West Bengal in the east are the most influential states in the region. The mindset of people from these states rubs off on the entire region. West Bengal unfortunately has exported mainly communist and ultra left ideology naxalism in the entire neighbourhood over the last 4-5 decades . Hopefully this trend reverses and it plays the role it should have from the beginning.
The more i listen to Sanjeev's views, the more I want to listen. This guy really understands the workings of things and the unassuming ways of not forcing your own judgement on things is a breath of fresh air compared to the US based economists who tend to give platitudes rather than solutions.
What I feel is that the US based economists have started to only make statements based on their political inclinations. They are even making statements that are usually made by the left, how are they gonna help a capitalist economy with such thought process? Also, they don't think about the interests of our society, because they feel it doesn't affect them, like in the interview where it is mentioned about their view of funding the fiscal stimulus through rise in taxes.
@@sujith3914 well RRR has become more of a politician than an economist as he has changed most of his stances when this govt brings reforms. Abhijit Banerjee is a known leftist. Rest all are essentially just giving opinions that suits their own politics rather than any data based or nuanced statements. Thus, always better to ignore the people with no skin in the game
@@sidharthjain4004 Exactly my point, but seems this wisdom is lost on many people who put the likes of RRR and Abhijit Banerjee almost on reverential mantles. I guess that's just because they blindly oppose every move of the government and such behaviour fits the narrative of a faction of people. I had to listen to such stupidity in my office by people who didn't even know what they were talking about like experts 😂. Good that the government didn't buckle under such pressure and is promoting the likes of Sanjeev. I am sure there is a big team behind all these efforts, would like to listen to others as well.
I hope Mr Sanjeev takes my question. Living in Japan, I extensively use trains for intra city travels. Many of the Tokyo's 2400k.m train lines is run by private companies. Do we see something similar happening in India in the future?
Recently Piyush Goyal in parliament answered the same question, he basically said...they won't privatize it 💯 but they will open it for private players to invest...and both private and public services will run on same tracks...if people choose private serives over public with extra cash then... eventually private will takeover all the train systems in india
Hey ..thats not only in Japan .. thats a worldwide culture (except India). Here in US, Amtrack runs inter-state trains Government does not get into business of running trains. As Sanyal said "Minimum Government but maximum Governance" .. that should be our Mantra ..
Sanjeev Sanyal is the true blue intellectual Bengali of yesteryears....Practically all pragmatic intellectuals like him have left Bengal thanks to the jungleraj politics in WB perpetrated by both the left and TMC. He is not just an economist. He is a pragmatist and we need more of him.
It’s interesting what Sanyal says at the end, his car delivery was delayed because car companies estimated reduced orders due to pandemic and in turn reduced their orders of computer chips that go into a car. Now they can’t keep up.
Actually both are true, the shortage of computer chips have dented the automobile supplies across the world. But at the same time our automobile sales numbers have shown a rebound too.
Good episode!! And coming from SG's The Print, it was a breath of fresh air, a welcom change from his regular BJP/Modi/Agencies bashing!! Or from his regular, deliberate 'gloating over' the misdeeds of the Le-Li brigade!! 😅😅
Shekhar once commented the BJP has no intellectuals of the cadre Congress has. He is right. BJP has much better intellectuals. They dont shy from bringing in non-family intellects from all over the 🌎. Interestingly, the questions being asked, are they truly from Print? Anyway, great response and well articulation. 👏👏👏
Good programme, this off the cuff where different people speak on different matters (and sometimes on same matters) at different times, answer different questions from the same anchor at different places. All relevant points were brought forth. One point for me stood out. I recall the daily briefings by President Donald Trump during the peaks (in different parts of the US) of the pandemic in the USA. I was in NY in those days. When the peak was seemingly subsiding in some parts of the USA, President Trump wanted everything to come back to normal at the earliest. He asked Dr, Faucci to explain the time table. The opening statement of Dr. Faucci was that "We can’t switch back to normal at the flick of a switch. It will be gradual . ..." and then he went on to detail the process. Getting back to India and to a system of minimum government and maximum governance as discussed here, can’t happen at the flick of a switch. So also various other reforms. Hopefully India will slowly graduate from an enforcing state to a deregulated state. The process has started. Are we ready? For, in a deregulated state the onus of governance will be more with the people than with the state. It is then more than ever every Indian will be tested on traits like honesty, integrity, sincerity etc… Tail piece: It is time “We the people” assume our responsibilities for minimum government and maximum governance. What we do will matter more than what we wear.
Sanjeev Sanyal is best understood when you don't see him through any political party prism. As yourself this question, what part of his thinking you don't agree with? You might end up in single digit percentile? That proves my point
Thank you Sanjeev. I'm close to being senior citizen. . I'm happy to see such brilliant young people you. I also want your thoughts on educationcal reform. The future is with the youth of our great country
One thing i like to share about the Sanjeev sanyal, despite being an Erudite ,he is most humble perosn I follow him on Twitter since 2015 and he replies ,get in conversation even with common folks,if the query is genuine
For a change GuptaJi is letting someone else speak.. which is the first thing since this channel he has done correctly. Please continue this trend. Thanks !
India is proud of people like Sanjeev Sanyal... we managed ourselves lot better than other economies, hope fully we will reach 5 trillion economy, very interesting to see Sekhar Gupta taking back seat and let him talk, pinnacle of journalism
@Arbind Singh Everyone is biased. No one is completely neutral but Sg tries his best to remain neutral. Do you think Doorrnob BhowBhow tries to be neutral or well behaved??
You are the economic advisor to the present government, and a history book, with such deep knowledge of Indian history from prehistoric times, to the freedom struggle & after. We all know how false are the history text books in our education system. Will the present government take up the correction of these false stories ?
@@udaykiran9853 Jyoti is worst ... but that said almost all of these journalists has this irritating habit of interrupting while on a discourse ...including (but not limited to) Karan Thapar. These guys feel that their audiences are total idiots, and get paranoid so much so that, that they start to interrupt in the name of "de-cluttering"
@ I thinking Mr. Sanjeev Sanyal is here for talking more about Political Economy and not hardcore Economy like bond yields etc. So, I'm okay with the type of questions asked. 👍
Sanjeev Sanyal is such a blessing to India. I wish him the most success. He is able to articulate what I'm always thinking but cannot put to words. Keep up the good work!
Listening to Mr. Sanjeev Sanyal is always such an enriching experience. Thank you Print for this all-encompassing hour long interview which was highly informative and capable of initiating discourse among the general public of India
@print and @shekhargupta.. very few off the cuff are worthy enough of proudly appreciating it, this is one of those. the quality of the interview, the questions and time allowed to the guest to speak and elaborate is praiseworthy as well.. whether a comment is pro or against the government (not the ruling party or opposition) shows the maturity of Mr Sanyal's command over the subject and his truthfulness.. master statement was "the issue is beyond his paycheck" .. all in all, wonderful interview.. keep such journalism alive
Very encouraged listening to Sanyal interviewed by the master himself. Modi govt needs praise for having such high quality thinkers. Unfortunately the press only highlights the likes of AS or RR, their intellectual genius fully granted, and few others, who become 'xtra wise' after leaving the system and do precious little when they were part of it. The issue of internal H1B was superbly articulated, that Haryana, JKH would loose business, greater the restrictions and conditions they introduce to encourage ATM Ministers take their lard. Dip into the concept of bio-mimicry.. Why did the Savannah become a haven for wild life? Why is Brazil the Earth's biodiversity champion. Between the Amazon rainforest and Mata Atlantica forest, Brazil leads the world in plant and amphibian species counts. The single most important reason is that these places provided max facilities in terms of foliage, juicy grasses, moderate climate to allow ease of business to animals to live and procreate and increase their numbers. Does this principle not apply to theory of animal spirits in the economy? A great pleasure watching this OTC episode. Best wishes.
An excellent exposition of his views, with one exception--his snide dig on Indian economists based abroad on their views on tax increase. Surely, he has better arguments than that.
Its people like these that should be called as intellectuals. Very very impressive!! It was a good feeling to know technocrats like these are advising the government.
3 года назад+2
Amazing job, and we need more Technocrats on ThePrint !!!
Shekhar Sir, Very good Off the Cuff with Mr. Sanyal. I got the oppurtunity to view it only today. Mr.Sanyal's talk even though looks very simple, is that most of his pointers are Text Book Economists theories. For each of these to actually see it get executed, as per his vision is a very difficult proposition. For example, even though he did some work with Haryana Govt and would have proposed good economics, in reality, as we see now (Coalition Dharma), the policies being put in place are against Sanjeev's pointers. And typically, any one of these false steps is sufficient for the whole concept to crumble. Given the way things in National politics is going, I am still sceptical that each of these theories do not have sufficient flexibility (in the Indian context), to see its end result. Bcos, by the time the Indian economies move from one mechanics to another, the world economies/supply chains would have changed dynamically. The Indian economy must be so light weight, such that it moves whichever way the world moves. As we see in last 1 year of Covid, the world private sector is very skeptical to invest in India (or for that matter anywhere in the world). So, if the Govts dont incentivize them sufficiently, you will not see private sector growth. They will continue to invest like in Reliance, where it can easily pull out if the company does not do well. In the coming months, you will see that market will be better off investing in growth models of Developed countries (like US), than in models of Developing countries (like India). This is purely because of the exit strategies in each economy. So, all in all, unless India spends like US (new Infra bill proposed by Biden) and concrete liberalization measures (NPAs/Banks), you will not see growth. Also, I dont think Modi/India have much options, since UP elections is just about 5 quarters away.......
Sanjeev Sanyal is a great economist with deep knowledge and clear thoughts. Good to see the current govt has good people like him in its team.
Great historian also
He is better than arun jaitley
The question is whether NaMo, FM and Niti ayog follows his inputs and implement accordingly.
@@rahulphalke87 I have seen many people like you in comments
Have you seen this video?? He literally addressed the same questions
@Dhananjay Singh yeah but it is definitely helping Your master's party congress
Rhodes scholar, economist, historian, urban planner, black belt, some people Are just brillant at every thing.
Is he a black belt too ??? ..did not quite know about that ???
@@atanughosal01 yep yep, and also a squash player
@@varunkhugshal9049 Dayamn !!!! ...man !!! ... he is brilliant ...!!!
@@atanughosal01 so he is what Rahul Gandhi wishes to be?
@@rajat.2 it does'nt hurt for the raven to wish that he looked much like the gorgeous peacock .. but that said ...the raven does have my best wishes ....
We need more public servants like this deeply impressive man
Lateral entry is good👍😅
@@jaynitpethani2266 So?? Even lateral entry into civil services is extremely competative. Given to only high achieving individuals.
Oxford Graduate 😂😂😂😂
There are a few others too
He is not civil servant but a contract based technocrat
I seriously did not know about this guy Sanjeev Sanyal. Had to wiki him up after watching few of his discourses on RUclips. The more I hear him ... even more do I get impressed. He is a Rhodes Scholar, so its kind of obvious that his credibility in economics has to be of immense value. One gotta watch his understanding of Indian History, it just opens up a complete different story from what we often read in our textbooks. I know he has written a few books, trying to lay my hands on them ...I am sure it will be a worthy read ...
Tell me when you are born lol
Well,I read his book called "The Ocean of Churn" and let me tell you what a delight has it been.After reading so many books on Indian history,this one has still managed to surprise me with a lot of intriguing facts that tell us so much about history in a way that our school books/college books could never manage.
@@myrahann5172 I believe ya ...absolutely ... as they say "winners write history" ... guess that has been true with us ...all thru our ICSE and CBSE exams .. we read none of these "other" things. In the words of Pink Floyd ..somebody needs to peek into the "Dark side of the moon" ....
@@atanughosal01 Well I am recommending u should read all his books ❤ it
His family has also contributed to Freedom Struggle... One of his grand uncles was a Revolutionary and tried to bomb the Viceroy!!! Imagine
It's always a pleasure to listening Sanjeev Sanyal sir
This is the quality of journalism we expect from ThePrint. Shekhar, you need to help your team to continuously strive to achieve the same quality over time.
@Evan Davis You have all the right to hold your opinion but I wonder how what I said led you to draw the conclusion you did.
@@a-woke5283 truly said. I didn't understand what is his compulsion
@@manojsushmakaul8393
Burning butt of a rice bag convert can see through and read other's minds
@Evan Davis What's wrong in calling oneself Hindu. We know what Christian missionaries do to people, and not only in India but across the globe. And who says caste system is not present in Christianity?? Heard about catholics and protestants?? You know how Catholics treat the Protestants??
@@shgrao71 Hahaha! :)
We as Indians should be proud of ourselves!!! - Sanjeev Sanyal, 2021
I will sleep peacefully tonite knowing that India is in good hands such as Sanjeev Sanyal's. Awesome guy!
Yes. The thought that he has been advising our Gov for last 5 years makes me sleep well at night 🤭
He is a good man but the problem is the govt doesn’t listen to all these.They want to do it their own way
@Dhananjay Singh nahi na bhai aap man lijiye aaj nahi manenge kuch saal baad manenge economy nahi chala pati yeh sarkar humne bhi 3 baar vote kiya 204,2017,2019 national security pe achchi hai magar economy me nahi achcha kar paari BJP
Farm laws minimize government involvement in our lives but the BJb withdrew.
When SSR committed suicide, the central government sent all their agencies after his ex girlfriend.
after decades of observing indian politics, have i seen a economist with sanyals acumen. hopefully modi supports him and gives him a free hand like narsimha rao gave to manmohan singh
@ far reaching statements. Can you elaborate who R. Rajan has become "voice of globalists" ?
He's so plain spoken, it's refreshing to have a government official who can speak so plainly.
He's got a bright future ahead of him managing India's economy.
@@vamsikrishna3855 Currency Devaluation was probably only 2% of what he did. Go through the budget he presented and the policies he pushed. You will know what he did. Sanjeev Sanyal is on the right track but has a long way to go, I wish him good luck.
@ Sanjeev Sanyal is very clear about what we need to do and I'm glad the government has found themselves in a situation where they can listen to him with little political fallout. This fallout will continue to increase. Only time will tell if PM Modi without care to his political career continues on this path. I hope he does. Liberalisation destroyed Narasimha Rao by eleminating possibility of many present and future alliances but it helped many Indians create a great future. Also, we couldn't have had a better RBI governor than Raghuram Rajan when we did. If today during Covid we haven't seen a serious rise in NPA's or companies shutting down and in turn causing serious issues with our banking system it's bcoz Raghuram Rajan forced the banks to disclose their NPA's and provision for their probable losses from their profits. Evergreening was the biggest problem with our Banks. And if we wouldn't have had banks declaring NPA's the government wouldn't have been forced to set up The Insolvency and Bankruptcy Code. The IBC has scared the companies into paying up their loans bcoz if they don't they can loose control of their companies.
@@vamsikrishna3855
You are right Narasimha Rao proposed getting rid of the Monopolies and Restrictive Trade Practices asset limit totally. Industrial licensing would be abolished for all projects except for a small list of 18 industries but with Manmohan Singh's conviction as a FM. So, Manmohan Singh helped with discontinuation of the license raj paving way for entrepreneurship in India, laid the foundation for FEMA (the older FERA had criminal consequences and the new more civil, making exports easier), introduced TDS, made structural reforms in Taxes (Indirect taxes, custom duties and excise levies), all this without increasing the Income Tax or the surchage on the common man. Allowed FDI and Disinvestment of 20% in Public Companies, reduced subsidy (especially sugar, petrol and fertilizers which allowed this money to be invested into Capex), allowed private mutual funds to open and gave powers to SEBI to better regulate the markets (especially important considering the frauds in the Market) and many more. For more info please Google and download the budget pdf.
Some more titbits;
* Manmohan Singh worked with the team in Finance Ministry for close to 10 years to gather the research required for these reforms without knowing if life would ever give him the opportunity to apply it. But it was not Manmohan that first tried to apply it, it was Yaswant Sinha. But where Yashwant Sinha failed, Narasimha Rao flourished.
* These reforms were very unpopular and strangely vehemently opposed by the then opposition. If it wouldn't have been for the political decisiveness shown by Rao (even at the cost of his political career), the endeavour would have failed.
Basically the british enslaving mentality continued in "free" India. This is just a sentence in language but represents the life reality of Indians.
@ Justin Joseph : I think it was more complicated than that. When India got free, we had no choice but to continue with the Defence, administrative and police structure that the British left behind. Not doing so would have caused anarchy and it would have propped up local strongmen that would have controlled different parts of the country by force. This happened in many African and South East Asian countries. By ensuring continuity and aligning the incentives of the Defence Forces, IAS, Tax Authorities and the Police to a democratic India, we avoided a long drawn civil war. The problem was we did not grow economically as fast as we should have. Many reasons behind it, one of them being we were leaning centre-left and never allowed free markets. But free markets were not acceptable to a Indian society post independence coz of the steep distrust of Businessmen and Industrialists in pre and post Independence. It was a catch-22 situation, either decision would cause our new born and fragile democracy to fall apart. The only solution was a middle path of social capitalism by government nationalising big and critical industries and then expanding them. The idea was to slowly build the necessary environment for nurturing private participation in nation building and then handing them the reigns of economic development. Alas, that didn't happen, the new regulations created different set of incentives and kept delaying this shift in public to private led growth. It finally happened when Narasimha Rao and Manmohan Singh joined hands to liberalise the Indian Economy. We were probably 20 years late to the party.
@@z2zugzwang agree with your synopsis may be 40% .where we failed is our representatives then started to have higher ambitions to become world renowned statesman and be at helm of affairs for ever and ever . Contrast it with Nelson mandela. The non align movement was waiste of resources and time . Personal glory cost us the speed of development.
Yes true...
@@vivekt4896 You are correct but only in hindsight. Our options were limited here too. If we would allign with Russia we would have faced indirect economic sanctions from the west and we were desparate for economic growth. But if we sided with USA, we would have had Russian backed enemies in our backyard, more than we could handle.
Think about it;
* Pakistan to our west and east
* Communist China and USSR controlled Afganistan in the North
* An unstable Mayanmar in the East turned dictatorship in 1962
* A China and USSR backed Srilanka
What were our choices?
Also consider this, 1950 onwards Pakistan sided with the American but that has not helped them in any form. It only complicated their internal and external politics. Today Pakistan without the development promised by China is worse than we were pre liberalisation of our economy.
@@z2zugzwang , Yes, Blaming privatisation completely for all the previous ills is wrong. For example, in the beginning of cell phone in India, BSNL was the only one which gave best connectivity across India. They spend money on towers in remote locations which no private corporate will do, considering the cost benefit ratio. Private companies gave good connectivity only in cities and for across India they used BSNL towers. Similarly, public OMCs, ONGC etc often takes losses to susidise your fuel which no corporate will do. Now , since the dirty job is already the done by them and is behind us, private companies are ready to buy them. Public sector companies were needed then to create an equitable society from a highly feudal and unequal country.
Oh my god I can't believe he talked about Dhosi hill.. That place is a few km away from my nani ghar.. Bhankhari in Narnaul, Mahendragarh . And he talks about khetri mines also.. omg.. this man is such a great knowledge of Indian history.
i am also from nearby place ;)
khetri mines is in ncet how does it make him great knowledgeable ?
let his actions speak more than credentials. look beyond the haze
@@sheilakijawani2526 it must be in ncert but ask a layman whether he knows or not... My comment was more about his love for the country..And as far as looking beyond the haze.. Go and check his credentials ..
Sanjeev is best in both economy and history...thank you for interviewing him.
very few journalists interview like Shekhar Gupta. Journalists ask questions not to get an answer but to have a pause to breathe and ask next question. Shekhar gupta was readily listening and demanding more examples from Sanjeev Sanyal
SG is a master, look at the experience ge has in doing the fabulous Walk the Talk
Sometimes though i wish he let Sanjeev Complete his point.
But still amazing job, and we need more Technocrats on ThePrint !!!
But the at the end of the day, he's just a khangress propagandist. He;s been caught down many times lying and spreading fake news.
@@ambhat3953 XD. And Arnab bhoi is a Godi propagandist. Keeps spreading fake news about shit that never happened and keeps screaming like an idiot.
@@jonsnow1055 Did he talk about Arnab? OR did he say he loves arnab.
Jab points na ho toh question deflect kardo. This is what so called intellectuals like u do
Please do this again - it was wonderful listening to him and learning from him- we are proud to have intellectuals like him in our country - may his tribe increase!!!!
Well read, knowledgeable and articulate Sanjeev Sanyal.. Always pleasure to hear him..
what has that done to the economy ?? nothing !
@@TheZenith790 When you sow a tree the fruits doesn't come the very next day
@@singhaniket0810 : bro, cheap politics, don't waste Ur precious time and energy !!..
Sanjeev Sanyal is very outspoken, knowledgeable, and clear in his thoughts... We are blessed to have civil servants like him at the helm of affairs. Sekhar was equally wonderful in his capacity as the interviewer and asking the right questions.
Technically, he is not a civil servant.
What a clarity of thought.. India is fortunate to have a brilliant and pragmatic Principal Economic Advisor.. Always a pleasure to hear Sanjeev Sanyal... God bless him..
Ppl like Sanjeev ji should be more visible in our social media. Ppl will understand who we are and whts our history is.
Kudos to such ppl
This is the reason why a majority of Indians want BJP to govern India.
A party can choose any economic advisor..if he's that good, the next one in could get the same man..
BJP is pretty bad at maintaining peace..
@@aproksha "BJP is pretty bad at maintaining peace.." I smell the rot of sickularism in this statement.
@@aproksha meaningful changes are supposed to stir some pots. It was political opportunitism that gave rise to this ostrich phenomenon of Indian Secularism, it is precisely brought in to permanently stay in a state of denial about the reality of a nation founded on one of the bloodest religious conflicts in human history.
Reforms require political will, economists alone cannot do shit
@Ea Sa Lol Modi has denied Chinese inflitration despite glaring proof for it. This shows his own weakness at admitting the truth. And our foreign policy was much better under MMS. We had the solid backing of Russia and distanced yet friendly relationship with the US. Now they support Pakistan and China more than before and US is as opportunistic as before.
A goldmine of interview which needs to be acknowledged 👍👍
True. The fact that he has been advising our Govt for the last 5 years also needs to be acknowledged 🤬
Wonderfully put "I am sure I am breaking some of the rule by simply existing" :-)
Indian economy is in safe hands. We will remember this period of history as a phase of excellent reforms which propelled India's growth...all thanks to Sanjeev ji
There are 2 types of Bengali intellectuals. One like this guy and the other poverty engineers like Amartya Sen. Unfortunately, the latter ones are much more prominent nowadays
Yeah ... the "poverty engineers" as promoted and upheld by the "Communist Intellectual" culture of Bengal. I just so wish that Bengal followed the capitalist philosophy since day one ....
@@atanughosal01 with their intellectual prowess if they focused on capitalism from day one instead of the communist bs , the state would have been a trillion dollar economy by now. As Bengal was the most advanced stte during independence
@@darkwolf8692 Absolutely correct ... instead they adopted to bootlicking of Lenin's and the Mao's of the world. Even worst at some point in time they even promoted Fidel Castro ...and now they have turned West Bengal into Cuba ....which otherwise could have looked like any other developing nations ...
@@atanughosal01 hope that happens. It wont just help Bengal but the entire eastern region. I am not sure how much long lasting damage has already been done by communist and quasi communist govts in almost 4 decades. Maybe this election will tell
@@atanughosal01 not just west bengal itself but the scourge of ultra left naxalites still affects the neighbouring states. The fact is Punjab in the north, Gujarat in the west or West Bengal in the east are the most influential states in the region. The mindset of people from these states rubs off on the entire region. West Bengal unfortunately has exported mainly communist and ultra left ideology naxalism in the entire neighbourhood over the last 4-5 decades . Hopefully this trend reverses and it plays the role it should have from the beginning.
I like Sanyal's overall economic vision. Great. Hope the PM shares it.
Always a learning pleasure to hear Mr Sanyal.He is a fine example of an Indic Renaissance man.
Mr. Sanyal is great guy, however, selecting a great guy is also a great thing....Well done Modi Gov
A person who understands economy should b Interviewing a scholar of such high intellect like Mr Sanyal
Sanjeev Sanyal is a blessing. Thank you for having this interview. 💗
After seeing sanyal name I am here very informative 👍👍
The more i listen to Sanjeev's views, the more I want to listen. This guy really understands the workings of things and the unassuming ways of not forcing your own judgement on things is a breath of fresh air compared to the US based economists who tend to give platitudes rather than solutions.
What I feel is that the US based economists have started to only make statements based on their political inclinations. They are even making statements that are usually made by the left, how are they gonna help a capitalist economy with such thought process? Also, they don't think about the interests of our society, because they feel it doesn't affect them, like in the interview where it is mentioned about their view of funding the fiscal stimulus through rise in taxes.
@@sujith3914 well RRR has become more of a politician than an economist as he has changed most of his stances when this govt brings reforms. Abhijit Banerjee is a known leftist. Rest all are essentially just giving opinions that suits their own politics rather than any data based or nuanced statements. Thus, always better to ignore the people with no skin in the game
@@sidharthjain4004 Exactly my point, but seems this wisdom is lost on many people who put the likes of RRR and Abhijit Banerjee almost on reverential mantles. I guess that's just because they blindly oppose every move of the government and such behaviour fits the narrative of a faction of people. I had to listen to such stupidity in my office by people who didn't even know what they were talking about like experts 😂. Good that the government didn't buckle under such pressure and is promoting the likes of Sanjeev. I am sure there is a big team behind all these efforts, would like to listen to others as well.
I hope Mr Sanjeev takes my question. Living in Japan, I extensively use trains for intra city travels. Many of the Tokyo's 2400k.m train lines is run by private companies. Do we see something similar happening in India in the future?
I wish the same.
It has already started, Although at a very small rate and only in certain cases
@Identity Hidden Headed by Yogendar yadav
Recently Piyush Goyal in parliament answered the same question, he basically said...they won't privatize it 💯 but they will open it for private players to invest...and both private and public services will run on same tracks...if people choose private serives over public with extra cash then... eventually private will takeover all the train systems in india
Hey ..thats not only in Japan .. thats a worldwide culture (except India). Here in US, Amtrack runs inter-state trains Government does not get into business of running trains. As Sanyal said "Minimum Government but maximum Governance" .. that should be our Mantra ..
Sanjeev Sanyal is the true blue intellectual Bengali of yesteryears....Practically all pragmatic intellectuals like him have left Bengal thanks to the jungleraj politics in WB perpetrated by both the left and TMC. He is not just an economist. He is a pragmatist and we need more of him.
More people like him are required to put forth the government's perspective and it's roadmap.
The govt's roadmap is clearly to let thousands of people die from covid and blame the states and western media for everything.
It’s interesting what Sanyal says at the end, his car delivery was delayed because car companies estimated reduced orders due to pandemic and in turn reduced their orders of computer chips that go into a car. Now they can’t keep up.
Actually both are true, the shortage of computer chips have dented the automobile supplies across the world. But at the same time our automobile sales numbers have shown a rebound too.
Good episode!! And coming from SG's The Print, it was a breath of fresh air, a welcom change from his regular BJP/Modi/Agencies bashing!! Or from his regular, deliberate 'gloating over' the misdeeds of the Le-Li brigade!! 😅😅
I think you mean glossing over the misdeeds of the LeLi brigade
Maja aa gya...enlightened conversation 👍
This is the best interview I have ever seen. Mr Sanyal is awesome. Thank you Print for this interview.
Thank you Mr Gupta and teh Print for bringing us such a compelling and incandescent conversation.
Shekhar once commented the BJP has no intellectuals of the cadre Congress has. He is right. BJP has much better intellectuals. They dont shy from bringing in non-family intellects from all over the 🌎. Interestingly, the questions being asked, are they truly from Print? Anyway, great response and well articulation. 👏👏👏
What an interview it is, i got a very good economic lessons today
Do keep tuning in.
Good programme, this off the cuff where different people speak on different matters (and sometimes on same matters) at different times, answer different questions from the same anchor at different places.
All relevant points were brought forth. One point for me stood out. I recall the daily briefings by President Donald Trump during the peaks (in different parts of the US) of the pandemic in the USA. I was in NY in those days. When the peak was seemingly subsiding in some parts of the USA, President Trump wanted everything to come back to normal at the earliest. He asked Dr, Faucci to explain the time table. The opening statement of Dr. Faucci was that "We can’t switch back to normal at the flick of a switch. It will be gradual . ..." and then he went on to detail the process.
Getting back to India and to a system of minimum government and maximum governance as discussed here, can’t happen at the flick of a switch. So also various other reforms. Hopefully India will slowly graduate from an enforcing state to a deregulated state. The process has started. Are we ready? For, in a deregulated state the onus of governance will be more with the people than with the state. It is then more than ever every Indian will be tested on traits like honesty, integrity, sincerity etc…
Tail piece: It is time “We the people” assume our responsibilities for minimum government and maximum governance. What we do will matter more than what we wear.
This was one of the few good interviews gupta ji had precisely because he was speechless for most of the time.
Thank god people like him choose to stay in India and make it better. He could have been a very rich person in the west.
Sanjeev Sanyal is best understood when you don't see him through any political party prism. As yourself this question, what part of his thinking you don't agree with? You might end up in single digit percentile? That proves my point
Thank you Sanjeev. I'm close to being senior citizen. . I'm happy to see such brilliant young people you.
I also want your thoughts on educationcal reform. The future is with the youth of our great country
One thing i like to share about the Sanjeev sanyal, despite being an Erudite ,he is most humble perosn
I follow him on Twitter since 2015 and he replies ,get in conversation even with common folks,if the query is genuine
I'm sure Even at this point of time im breaking some rules by simply existing 😂😂😂😂😂😂 @14:58
😂
😂😂😂
Unfortunate reality of our legacy systems 😂
Thanks Print for this interview. Shekhar posed the searching questions to bring out Sanjeev's eloquence in clarifying various Government's reforms. 🙏
It is always so enlightening to listen to Sanjeev Sanyal. Do hold once a while interview with him on various issues.
For a change GuptaJi is letting someone else speak.. which is the first thing since this channel he has done correctly. Please continue this trend. Thanks !
Many thanks Shekhar for this exciting & positive interview. Sanjeev is an outstanding talent in India
Dr . Sanjeev, My grand salute to you for your progressive thinking.All my good wishes in your endeavours. Thanks. Suresh Nanda, Delhi.
India is proud of people like Sanjeev Sanyal... we managed ourselves lot better than other economies, hope fully we will reach 5 trillion economy,
very interesting to see Sekhar Gupta taking back seat and let him talk, pinnacle of journalism
5 trillion? XD. It will take 10 years or even more. Best focus on smaller achievable targets.
This is what makes me a proud subscriber of The Print! An absolute joy to listen to Sanyal and S.G! Abar hok!
@Arbind Singh Everyone is biased. No one is completely neutral but Sg tries his best to remain neutral. Do you think Doorrnob BhowBhow tries to be neutral or well behaved??
38:00 API- Active Pharmaceutical Ingredients
You are the economic advisor to the present government, and a history book, with such deep knowledge of Indian history from prehistoric times, to the freedom struggle & after. We all know how false are the history text books in our education system. Will the present government take up the correction of these false stories ?
He is not in history department , also gov is changing the books , This gentleman said that first change narrative, books will be last to come
lol
Superb interview. Shekhar Gupta in vintage form, and Sanjeev Sanyal is incredibly erudite and articulate. Got a great lesson in economics today.
Mind blowing DISCUSSION.Am proud that an ECONOMIST like*SANJEEV SANYAL* looking after the ECONOMY of BHARAT.
It's really amazing to hear this discussion! Amazing. Sanjeev Sanyal , what a gem of person , truly inspiring and interesting to hear.
One of the best off the cuffs!! This guy knows what he is talking!!
Amazing session. Great line of questioning.
Excellent Mr Gupta. I love this off the cuff. I too look forward to hearing again from you both.💯👌
I like his oratory and knowledge of problems pending to be solved in Govt sector
Hats off to you Sanyal Sir!
This video should be dubbed in Hindi and all the other bhartiya languages for better outreach.
Shekhar is clearly out of depth here. He shouldn't be interrupting Sanjeev so much
He did a much much better job than Jyoti Malhotra tbh 😄
@@udaykiran9853 Agree!!
@@udaykiran9853 Jyoti is worst ... but that said almost all of these journalists has this irritating habit of interrupting while on a discourse ...including (but not limited to) Karan Thapar. These guys feel that their audiences are total idiots, and get paranoid so much so that, that they start to interrupt in the name of "de-cluttering"
@ I thinking Mr. Sanjeev Sanyal is here for talking more about Political Economy and not hardcore Economy like bond yields etc. So, I'm okay with the type of questions asked. 👍
@@atanughosal01 Thapar feels that he Is grilling people by interrupting them When they answer 😂😂
Sanjeev Sanyal is such a blessing to India. I wish him the most success. He is able to articulate what I'm always thinking but cannot put to words. Keep up the good work!
Mr. Sanjeev Sanyal is a brilliant economist, no doubt...❤️ He is a rare gem among all the left inclined Bengali economists ..
Listening to Mr. Sanjeev Sanyal is always such an enriching experience. Thank you Print for this all-encompassing hour long interview which was highly informative and capable of initiating discourse among the general public of India
Mr.Sanyal makes a point that we need to look within for true wisdom and learn from the great civilizations we evolved.
We are lucky to have such a smart economist in the government
@A Bhattacharya we have tried LW policies for too long, about time for RW economy
Sanjeev Sanyal is India's most pleasant intellectual to watch and listen.
@print and @shekhargupta.. very few off the cuff are worthy enough of proudly appreciating it, this is one of those. the quality of the interview, the questions and time allowed to the guest to speak and elaborate is praiseworthy as well.. whether a comment is pro or against the government (not the ruling party or opposition) shows the maturity of Mr Sanyal's command over the subject and his truthfulness.. master statement was "the issue is beyond his paycheck" .. all in all, wonderful interview.. keep such journalism alive
Omg..what an interview.. मन तृप्त हो गया
Wow...... wisdom of a purest Bhartiya youth ......look at the amount of satisfaction at the face of Shekhar ji after every answer 👍👍👍👍
Very well informed man.. With a wide range of interests and speaks well.
Indian government needs more advisors like Sanyal..
शेखर सर, इस भेंटवार्ता के लिए आपका आभारी हूँ.
@Lightening Emperor मुझे तो लगा कि मैं काफ़ी सरल लिख रहा हूँ. आपने मेरे चक्षु खोल दिए हैं.
@@karthika560 Interview
Very interesting useful and informative interview, raising hopes for the future. I expect more such talks from Print.
Super clarity of thought. Awesome conversation
This conversation allowed us a peek into the brain of this government and know how and what it thinks.
One of the best and most genuine off the cuff conversation. Thanks SG and The Print for this quality journalism.
Registration for Udhyam is very simple, based on Aadhaar OTP.
It was very soothing to listen sanjeev ,in-between all fumble in the jungle in maharashtra and Bengal
Shekhar Ji ,This will go down as one of your best.
Great interaction and enriching session👍 Thank you Print and Mr. Sanjeev
Extreme happiness watching this. After a long time pure content. Thank you Shekhar Ji
Enlightening insights by an amazingly talented and proficient Public Servant. Proud of Shri Sanjeev Sanyal.
This is too insightful. Mr. Sanyal, you should talk more often.
What a remarkable interview. Very clear and thorough discussion on financial policy making.
Very encouraged listening to Sanyal interviewed by the master himself. Modi govt needs praise for having such high quality thinkers. Unfortunately the press only highlights the likes of AS or RR, their intellectual genius fully granted, and few others, who become 'xtra wise' after leaving the system and do precious little when they were part of it. The issue of internal H1B was superbly articulated, that Haryana, JKH would loose business, greater the restrictions and conditions they introduce to encourage ATM Ministers take their lard.
Dip into the concept of bio-mimicry..
Why did the Savannah become a haven for wild life?
Why is Brazil the Earth's biodiversity champion. Between the Amazon rainforest and Mata Atlantica forest, Brazil leads the world in plant and amphibian species counts.
The single most important reason is that these places provided max facilities in terms of foliage, juicy grasses, moderate climate to allow ease of business to animals to live and procreate and increase their numbers.
Does this principle not apply to theory of animal spirits in the economy?
A great pleasure watching this OTC episode.
Best wishes.
I really liked this multidisciplinary oriented topics discussed in a competent way. All young and upcoming citizens should view this presentation.
Thoroughly enjoyed this interview
I am Late I would have liked to ask about cryptocurrency
It was good. Thoroughly enjoyed.
An excellent exposition of his views, with one exception--his snide dig on Indian economists based abroad on their views on tax increase. Surely, he has better arguments than that.
excellent perspective
thank you ThePrint
Its people like these that should be called as intellectuals. Very very impressive!! It was a good feeling to know technocrats like these are advising the government.
Amazing job, and we need more Technocrats on ThePrint !!!
Liked the way he said " that is a more complicated question".. when asked whether private cooperatives be allowed to run banks.
Shekhar Sir, Very good Off the Cuff with Mr. Sanyal. I got the oppurtunity to view it only today.
Mr.Sanyal's talk even though looks very simple, is that most of his pointers are Text Book Economists theories. For each of these to actually see it get executed, as per his vision is a very difficult proposition.
For example, even though he did some work with Haryana Govt and would have proposed good economics, in reality, as we see now (Coalition Dharma), the policies being put in place are against Sanjeev's pointers. And typically, any one of these false steps is sufficient for the whole concept to crumble. Given the way things in National politics is going, I am still sceptical that each of these theories do not have sufficient flexibility (in the Indian context), to see its end result. Bcos, by the time the Indian economies move from one mechanics to another, the world economies/supply chains would have changed dynamically.
The Indian economy must be so light weight, such that it moves whichever way the world moves. As we see in last 1 year of Covid, the world private sector is very skeptical to invest in India (or for that matter anywhere in the world). So, if the Govts dont incentivize them sufficiently, you will not see private sector growth. They will continue to invest like in Reliance, where it can easily pull out if the company does not do well. In the coming months, you will see that market will be better off investing in growth models of Developed countries (like US), than in models of Developing countries (like India). This is purely because of the exit strategies in each economy.
So, all in all, unless India spends like US (new Infra bill proposed by Biden) and concrete liberalization measures (NPAs/Banks), you will not see growth. Also, I dont think Modi/India have much options, since UP elections is just about 5 quarters away.......
Off The Cuff is the highest quality content by any interviewer.