I pray for that moment in which I think we can claim to the world that we are now in a different, new era of Indo-American relationship of trust, of working together, partnership strengthened both by our commitment to common values, and also the identity of interests.
I think whatever I've done, I hope I've earned a footnote in India's long and tortuous history.
I'm a small person put in this big chair.
I have to do my duty, whatever task is allotted to me.
The service of India means the service of those teeming millions steeped in poverty, ignorance and disease. To see that in my lifetime we can soften these harsh edges of extreme poverty and unleash a new economic and social revolution which will bring out the latent creativity and entrepreneurial spirit of our people, I think that's what I feel, I think.
I should like to express our profound gratitude to the Americans of Indian origin. The way they have conducted themselves, the way they have worked hard to carve out a niche for themselves in the Silicon Valley, I think this has also given America a new idea about what India is capable of.
The emergence of India as a major global power is an idea whose time has come.
India's saving rate will go up. India's investment rate will go up. And I believe that's a plus point.
The death of distance. There is hardly any middle class family in India who doesn't have a son, a daughter, a son-in-law, a brother, a brother-in-law in the United States. That is a very powerful new bond.
I am convinced the entrepreneurial spirit of the Indian people, if allowed to express itself freely in the marketplace, India will be all right.
Because the Chinese insistence on one child, I think the proportion of older, non-working age population is going to rise sharply in China.
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.
We should put more money in health. We should put more money in devising credible social safety nets for the poor.
I have always believed India is a country blessed by God with enormous entrepreneurial skills.
If the economy is growing fast, there is call for a distributing income from the rich to the poor to to put in place social safety nets.
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.
Meaningful solutions to the problems of mass poverty that prevails in India I believe can only be found in the framework of an expanding economy.
If the economy is not expanding, the redistribution of income becomes a zero-sum game. And therefore, all the class struggle - and it becomes much more vicious.
There may be a difference of the pace at which India moves, but there should be no doubt whatsoever about the direction in which India is going to move in years to come.
I have always believed that the ultimate purpose of economic policies and development policy is to meet the basic needs of our people. And for that, we need a fast-expanding economy.
China is not I think a country which does not regulate, but there is a difference between the Chinese system and the Indian system.
If certain facilities, local facilities have to be arranged, the local authorities have to come. And that makes the Indian system slow moving, Indian administrative system slow moving.
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.
India's political system also would need to be modernized.
In a country where employment opportunities are not growing fast enough, the fear of change tends to be very acute.
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