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Strengthening Free Enterprise in India (Dr. Raghuram G. Rajan Governor - February 4 2016 - 13th Nani A. Palkhivala Memorial Lecture Mumbai)

News and Press Release - Dated:- 5-2-2016 - I did not have the privilege of meeting Nani Palkhivala, but every citizen of India has been affected in some way by his life s work, and owes him a debt of gratitude. Born in 1920, Mr. Palkhivala was not only a jurist of the highest caliber, he was also a tireless champion of constitutional liberties, of human rights and individual freedom, and of economic freedom. Nani Palkhivala fought the Kesavananda Bharati case that established the principle that .....

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country. Mr. Palkhivala was a lonely voice against the socialism practiced in India then, arguing that it was a fraud - transferring wealth from the honest rich to the dishonest rich. Instead, he championed free enterprise. It bears remembering that he was chairman of TCS, one of the brightest stars of the Indian economy today. No wonder Rajaji once called him God s own gift to India . Towards the end of his life, Nani Palkhivala soured on the Indian experience. In a speech in Australia, dejecte .....

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Yes, we have our weaknesses and our excesses, but our democracy is self-correcting, and even while some institutions weaken, others come to the fore. India s is a dynamic society, ever changing, ever rejuvenating. Indeed, the possibilities for free enterprise in India today are probably better than ever before in its history. Conditions for free enterprise to flourish have historically thought to be two: Level playing field with easy entry and exit, and Protection of property rights. Let me firs .....

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nt and regulators are needed to set the rules of the game and enforce behavior. Biased government/regulation distorts the playing field. Not that there should be no handicaps but not unequal handicaps. Work I did on entry regulation: Italian firms small. But low entry. Why? Work I did Rajan, Laeven and Klapper (2006). Italian firms need greater size to overcome fixed costs of entry but grow more slowly. Slower economic growth. In India License-Permit Raj: Remedy: Liberalization of the 1990s. Ent .....

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t the new. Competition between states Finance: Weighted against new and untried. Changing with technology and new institutions. Small firms and small banks - evidence: Small finance banks Unique ID: Government TReDS Start-ups - liberalizing Still uneven playing field on distress. Resolving large firms very difficult: Workers as pawns. Courts focus on revival rather than resolution Promoter benefited Hard for debt to recover money Laws become more draconian to give creditors powers Laws applied m .....

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rotection needed to incentivize activity: I eat what I kill. Broadly protected in India Is it too well protected - land for infrastructure Moderate and predictable taxes and estate duties - Government has delivered. Administrative steps to rein in unnecessary tax demands Automation of significant parts of the tax process Retrospective taxation: Clear government statement. However, base erosion and profit shifting - worldwide issue that large corporations need to answer - equal requirement of tra .....

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