ibnlive » Business

May 22, 2012 at 08:59am IST

UPA has made several policy errors: Forbes CEO Steve Forbes

There seems to be no end to criticism for the economic policies by the Manmohan Singh government as the UPA-II completes three years in power. CNN-IBN's Smitha Nair spoke to Forbes Magazine CEO Steve Forbes and he claimed that the government has made errors at many levels.

Following is an excerpt from the interview with Steve Forbes:

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Smitha Nair: Do you think the Manmohan government has shifted the goal post in terms of retrospective taxation going back on some of the promises?

Steve Forbes: I think it just shows confusion. Their purpose is to create an environment for this economy to grow the way it should, which means you bring more and more people in the middle class, there was a sight of it. But because the economy is not growing as fast as it should, they do crazy things like putting taxes back to the early sixties.

Smitha Nair: If Dr Manmohan Singh was to call up Steve Forbes and ask for a suggestion, what would it be?

Steve Forbes: Very clear. Stabilise the rupee, reduce tax rates. The allies may disapprove but the only way they will stay in power is by doing this. Their survival instinct might force them to do this.

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