Click to play videoSmitha Nair: The Hindustan Times Leadership Summit is abuzz with what's been said by both Prime Minister Manmohan Singh and Congress Chairperson, Sonia Gandhi. Was there any cause for concern at the differnt approaches to the crisis being taken by both of them - especially to Sonia Gandhi's reference to late prime minister Indira Gandhi nationalising banks?
Nandan Nilekani: I think we are still grappling with our idea of the future. Somehow we have not done a good job in understanding on how the economic reforms in the last 20 years have dramtically improved opportunity for our people and we have to continue to do things that give our people access to opportunity. I think the solution for our half-done reforms is not not to roll back but to move forward. That's my point of view on this.
Smitha Nair: One needs to also factor in the fact that there are elections around the corner and that there is a reason why Sonia Gandhi made this statement.
Nandan Nilekani: I think the notion that reforms are only for the rich is something that I don't agree with at all. I think reforms are about giving access to everyone to education, health care, infrastructure, markets and jobs. It is giving the millions of people in this country a right to have a better life. That's what reforms are all about and I think we should continue to do that.
Smitha Nair: Also, the Prime Minister's speech referring to the fact that the growth story of India will not be affected dramatically despite the global financial downturn and also saying that they had anticipated this crisis and had factored in some of the policies in their budget as well - what would you take away from what the Prime Minister said on this front?
Nandan Nilekani: I think the important thing is that India will become an important voice in the global economic conversation that is the G30 meeting. The second thing is that our Government understands the consequences of this and I think they will be geared for slower growth, but the fundamentals of Indian economy, the demographics, the entrepreneurs, the savings - all that is very positive and I think once things start stabilising, India will go back to its growth.
Smitha Nair: Was there anything at all in what both said - more in what Sonia Gandhi said - that could be a cause for concern?
Nandan Nilekani: It's unfortuntate that something like 26 years after opening up the economy, having higher growth rate and having taken 1 billion people out poverty we are still ambivalent about reforms. I find that unfortunate.
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