India Economy

What They Said

| Updated on December 15, 2012 Published on December 15, 2012

Ratan Tata, Tata Group Chairman

J. Harinarayan, Chairman, IRDA

K. C. Chakrabarty, Reserve Bank Deputy Governor

G. C. Chaturvedi, Oil Secretary

H. R. Khan, RBI Deputy Governor

V. Balakrishnan

“Overseas people go bankrupt or companies go bankrupt. Here they never do — they continue to be sick and still operate. Then they are operating to kill you.”

Tata Group Chairman Ratan Tata

“On the US side, I don’t have any reason to believe that we have a violation of US law here. With regard to the Indian side, I’ll refer you to them.

US State Department spokesperson Victoria Nuland, on Walmart lobbying for India entry

“I am very encouraged by the indications of the green shoots in economy in terms of production. IIP figures are very encouraging… Let’s see what the next four months bring us. Investments are taking place, capacity is being created and consumption is happening in consumer durables and non-durables.”

Finance Minister P. Chidambaram

“I am confident that the futuristic policy regime that we are now putting in place will address effectively the concerns that have been worrying investors and will provide a new impetus to the growth of telecommunications in the country.”

Prime Minister Manmohan Singh

“The question is whether insurance investment must be as aggressive as venture capital companies. I think not. Insurance companies must be conservative in their approach.”

IRDA Chairman J. Harinarayan, on raising cap for insurance companies to invest in a single company.

“Sooner than later, the information available with the Income-Tax Department will lead the Department to the doors of such persons.”

Department of Revenue on Income Tax evaders

“Under the present law, I can’t pay interest on the CRR...that modification came four-five years back...The government should change the rule (for payment of interest on CRR).”

Reserve Bank Deputy Governor

K. C. Chakrabarty

“… The cash transfer is not easy as Aadhaar penetration is very low. Only 20 crore population has been enrolled for Aadhaar out of the population of 120 crore… Rolling out direct cash transfer in districts with Aadhaar penetration of less than 80-90 per cent will be difficult. We cannot make Aadhaar for cash transfers as the basis in such places.”

Oil Secretary G. C. Chaturvedi, on direct cash transfer scheme

“We will not lend money to Greece… this is not a country that qualifies, for example, for an IBRD loan.”

World Bank President Jim Yong Kim

“We are slowly opening up the bond market for FIIs. The current FII investment limit in G-Sec is at $20 billion and corporate bonds is at $46 billion. Now, more or less, we have decided to increase these limits by another $5 billion each for both G-Sec and corporate bonds.”

RBI Deputy Governor H. R. Khan

“I believed that whatever I build must be world-class technology.”

GMR Group Chairman G. M. Rao

The character of an organisation will come out in tough times. There will be pressure to change course. But the moment you succumb, you will fall. We will stick to our Infosys 3.0 strategy. We are going in the right direction.”

Infosys India Business Head

V. Balakrishnan

Published on December 15, 2012
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