EPISODE · Dec 3, 2024 · 1H 10M
Tarun Bajaj On Making Economic Reforms Politically Salient | Ep 10 | Growth is Good
from Growth Is Good · host Foundation for Economic Development
Our guest for this episode, Tarun Bajaj, first stepped onto the field as an IAS Officer in 1988, just as India was about to shed its socialist baggage. While the country navigated the shift from scarcity to relative abundance, he had a ringside view (and several performing roles) of how the bureaucracy and political executive went from resisting to accepting the idea of the government giving up control of the economy. By the time he retired in 2022, he had also served in the PMO, and then as Economic Affairs Secretary and later as the Revenue Secretary to the Government of India. He played a key role in shaping the Indian government's economic response to the Covid-19 pandemic and was also instrumental in stabilising the Goods and Services Tax (GST) regime. In this conversation with FED Director Rahul Ahluwalia, Bajaj shares several anecdotes and insights, including some from when he worked closely with the current Prime Minister of India, Narendra Modi. Do watch the full video and follow to be notified about our upcoming episodes. Episode Chapters: (02:33) - First brush with economic growth and its importance (06:20) - India's controlled economy pre-liberalisation (1991) (11:30) - Will India forget the lessons from the 'license raj'? (13:38) - India's changing stance on wealth creation (16:00) - Growth as a nation through the prism of cricket (17:00) - Market reforms enabling progress (19:30) - Geopolitics favouring India (23:20) - Ease of doing business for SMEs (25:00) - What's hindering reforms? (29:25) - How can we move the needle on the ground? (35:00) - How to convince politicians about reforms? (36:20) - When Govt understood need for public capital expenditure (38:30) - When the PM endorsed wealth creation (41:50) - Working in the Prime Minister's Office (PMO) (47:30) - What has constrained privatisation? (51:00) - Money is stuck; pending judicial reforms (54:00) - How lobbies oppose reforms (56:00) - Secret behind Gurugram (1:02:00) - India's economic response to Covid-19
What this episode covers
Our guest for this episode, Tarun Bajaj, first stepped onto the field as an IAS Officer in 1988, just as India was about to shed its socialist baggage. While the country navigated the shift from scarcity to relative abundance, he had a ringside view (and several performing roles) of how the bureaucracy and political executive went from resisting to accepting the idea of the government giving up control of the economy. By the time he retired in 2022, he had also served in the PMO, and then as Economic Affairs Secretary and later as the Revenue Secretary to the Government of India. He played a key role in shaping the Indian government's economic response to the Covid-19 pandemic and was also instrumental in stabilising the Goods and Services Tax (GST) regime. In this conversation with FED Director Rahul Ahluwalia, Bajaj shares several anecdotes and insights, including some from when he worked closely with the current Prime Minister of India, Narendra Modi. Do watch the full video and follow to be notified about our upcoming episodes. Episode Chapters: (02:33) - First brush with economic growth and its importance (06:20) - India's controlled economy pre-liberalisation (1991) (11:30) - Will India forget the lessons from the 'license raj'? (13:38) - India's changing stance on wealth creation (16:00) - Growth as a nation through the prism of cricket (17:00) - Market reforms enabling progress (19:30) - Geopolitics favouring India (23:20) - Ease of doing business for SMEs (25:00) - What's hindering reforms? (29:25) - How can we move the needle on the ground? (35:00) - How to convince politicians about reforms? (36:20) - When Govt understood need for public capital expenditure (38:30) - When the PM endorsed wealth creation (41:50) - Working in the Prime Minister's Office (PMO) (47:30) - What has constrained privatisation? (51:00) - Money is stuck; pending judicial reforms (54:00) - How lobbies oppose reforms (56:00) - Secret behind Gurugram (1:02:00) - India's economic response to Covid-19
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Tarun Bajaj On Making Economic Reforms Politically Salient | Ep 10 | Growth is Good
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