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If the economy grows enough, fast enough, the tech system should be modernized so that the tax revenues rise fast enough also, and we should put more money in education.
Manmohan Singh
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Manmohan Singh
Age: 92
Born: 1932
Born: September 26
Banker
Civil Servant
Economist
Politician
Prime Minister Of India
Taxes
System
Economy
Modernized
Grows
Revenues
Education
Tech
Money
Revenue
Also
Rise
Enough
Fast
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I believe that without looking at each other as rivals or as competitors, in a democratic India, operating in the framework of an open economy, an open society has, I think, some significance for developing countries, not only in Asia but outside Asia.
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If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
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No nation, no society, no community can hold its head high and claim to be part of the civilized world if it condones the practice of discriminating against one half of humanity represented by women.
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With the revolution in information technology, with the revolution in transport technologies, I think just geography has lost its all significance.
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When I became finance minister in 1991, I discovered that the wealth tax rates income - there was taxation on wealth. It was so atrocious and so high that actually nobody could accumulate money in an honest way. I removed that tax, and the result was that Indian companies for the first time acquired an incentive to grow big, to grow rich.
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I have to create in India a macroeconomic environment where the employment in aggregate can go up at a handsome rate. Once that happens, people losing jobs in one sector will not mean that they will become perpetually unemployed. From one sector, they can move on to other sectors.
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