Deregulate, deregulate...

IF I WERE RBI GOVERNOR - JAMAL MECKLAI

I would retire to my terrace this evening, fix myself a strong whiskey soda and, taking a sip, I'd call Mrs. Sonia Gandhi and tell her, as calmly as I could, "I'm mad as hell and I'm not going to take this any more!"

I don't know how she'd react. Chances are there'd be a surprised silence "� I've never rung her before. Anyway, taking a swallow, I'd continue, "It's completely unfair. We open the taps of the capital account, we manage the economy wonderfully well to where its growing at 9 per cent plus, and just as things start to really happen, the government sort of disappears. And I'm left to clean up the mess."

Another large swallow. End of drink.

"Do you know, there's been no substantive deregulation in financial markets since 2003? And please don't talk to me about political compulsions. If you really want to respect the political legacy of your family, look to the patriarch, who always did what he believed was good for the country. He wasn't always correct, of course, but those were different times "� it was hard to know what would work.

"Today is another matter. You know and I know and everyone knows that the only problem facing India today is supply of virtually everything, and that supply is being contained by rent-seeking politicians. All that's needed is to deregulate, deregulate, deregulate.

"Take a knife "� no, an axe "� to the government's decision making process, get someone who knows how to get things done as an adviser "� say, someone like K V Kamath. Put the government on turbo charge.

"And then, whenever you're ready for a break, come on down and let's have a glass of Chianti on my terrace. It'd be lovely."