Arun Shourie also made a case to axe the controversial retrospective amendment to tax laws.
Fiscal consolidation, reviving investments and big bang reforms, Arun Shourie expects the new government to get India back on the high-growth path. Speaking exclusively to CNBC-TV18's Manasvi Ghelani, the former divestment minister in the Vajpayee government says he expects major agriculture reforms from the Modi government. Shourie also made a case to axe the controversial retrospective amendment to tax laws.
Below are edited excerpts from the interview:
Q: What kind of reforms are you expecting from the new government?
A: First is fiscal consolidation, second is changing the rules of doing business in India and that should mean that you raise resources in imaginative ways because you can't raise it through taxes on other ways. But in holding companies or public sector undertakings (PSUs), for all PSUs on the manufacturing side you can really raise a lot of resources. Similarly, another holding company in the banks and you re-capitalise the banks by first taking out the bad assets. These are ways in which unlimited amounts of money can be raised.
One small estimate that Raghav Bahl had made was that you can raise anywhere between USD 500 billion to one trillion dollars for infrastructure investments just by the holding companies for PSUs. That will relive the government from pressure on the budget. So those things should be done.
Q: Talking about the agri reforms, what are your views in that particular segment?
A: I am not an expert in agriculture but I certainly feel the idea that you can go on raising minimum support prices and on the other side that will not impact inflation; it is not possible.
Q: On the retrospective tax, do you think that should be amended or the court should be given the contractual validity?
A: No. One of the most retrogressive things was the legislation to overturn the Supreme Court judgement and impose retrospective taxation and it will be very good that the government should announce that we will never go in for retrospective taxation. Secondly, we will contest you till the High Court, but we will not contest you in the Supreme Court if we lose. That assurance should be given. Thirdly, the most important point is that tax administration has gone completely haywire.
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