“Un­cer­tainty in In­dia Inc is not a good sign”

India Today - - COVER STORY -

Sachin Pi­lot, Union min­is­ter of state for cor­po­rate af­fairs, has re­acted sharply to the re­cent FIR filed by CBI against Ku­mar Man­galam Birla in Coalgate. Ex­cerpts from an in­ter­view with Spe­cial Cor­re­spon­dent KU­MAR ANSHUMAN: Q. What do you think of the CBI FIR? A. The law of the land is ap­pli­ca­ble to in­di­vid­u­als, be it a politi­cian, a film star, a busi­ness­man or a bu­reau­crat. Wrong­do­ers have to be brought to jus­tice. Hav­ing said that, at­tempts shouldn’t be made to cre­ate an at­mos­phere of un­cer­tainty among stake­hold­ers of econ­omy. Ac­cu­sa­tions should be based on hard facts. Q. What are your con­cerns as cor­po­rate af­fairs min­is­ter? A. The main con­cern is that In­dia should re­main a bank­able desti­na­tion for for­eign as well as do­mes­tic in­vest­ment. We need to cre­ate more jobs, pro­mote man­u­fac­tur­ing, im­prove in­fra­struc­ture, and for this, we need in­vest­ments. If there is a sense of re­luc­tance to do busi­ness, it is not a good sign. Q. Is there a dan­ger that bu­reau­crats will hes­i­tate in tak­ing ini­tia­tives? A. Be­fore for­mu­lat­ing any pol­icy, a bu­reau­crat takes into con­sid­er­a­tion the in­for­ma­tion avail­able. Ju­di­ciary has the power to ques­tion the ex­e­cu­tion of the pol­icy. If there is wrong­do­ing, the per­son should not be spared, but to ques­tion the pol­icy it­self is not fair. The right to make a pol­icy should re­main with the gov­ern­ment. I’m not against the ju­di­ciary or other state agen­cies, but dif­fer­ent stake­hold­ers should work in col­lab­o­ra­tion, with­out in­ter­fer­ing in each oth­ers’ do­main. Q. What is the feed­back from the in­dus­try? A. In­dus­try as­so­ci­a­tions have met me with their con­cerns. The coun­try can grow only when both Gov­ern­ment and the pri­vate sec­tor work as part­ners. We have as­sured pri­vate play­ers of all pos­si­ble help from the Gov­ern­ment. Their re­sponse has been en­cour­ag­ing and I hope things will get bet­ter. Q. What is the Gov­ern­ment do­ing to re­store the con­fi­dence of the in­dus­try? A. Trans­parency is one thing we are fo­cus­ing on. For ex­am­ple, we are in the process of for­mu­lat­ing rules of a new Com­pa­nies Act. Out of 17 mem­bers in the panel to draft rules, 14 are from the pri­vate sec­tor. This Act will be im­ple­mented by them, so they should par­tic­i­pate in the pol­icy-mak­ing process. Ev­ery de­tail is on the min­istry web­site. It will be a pol­icy owned by ev­ery­one and no one can ques­tion it. UPA has done a num­ber of things to pro­mote trans­parency such as RTI. You will see sim­i­lar mea­sures in all min­istries.

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