and pillars on which Chinese are working have very short sightedness. How long will it be able to sustain is a question mark. Que-In insurance sector, 49% FDI is allowed at present. Would you be in favour of 100% FDI in insurance or more than 49%? FDI is not bad for the economy. There is a lot of hue and cry in the market about introduction of 51% FDI in retail. In my view point, it will give you a quality tool plus competition in the market which will add to the sustainability of the market. If there is a monopoly condition in the market, you can’t sustain in that condition. So I would say regulation is good and partly introduction of FDI is good. 100% FDI won’t be there in India. There ought to be some Indian competition in the market. It will create better competition and foreigners won’t be able to take the entire market, like East India Company. So in that sense, there should be a balanced approach. I am not against 51% FDI. There can be 70% also depending on the time. It will give a quality product t o the customer and will give competitive range to end users. We are talking about conventional times.90% of population used to live in the villages, they had their own source of income and livelihood and hardly any demands used to come from them. In today’s scenario everything is globalised now making the world smaller in terms of distances. For the world economy to survive, we need to have privatisation, liberalisation and globalisation. Sir you have worked with power and oil sector. How do you see India landing up in next 10 years in terms of infrastructure, power and all those sustainability issues? Currently infrastructure issues are huge. Apart from top tier cities, we don’t have good infrastructure in 2 tier and three tier cities, so where do you see the scenario changing in next 10 years? What kind of things should be done? You see as population grows, demand goes up resulting in scarcity of many essential
things. We can fill the scarcity by developing infrastructure; new opportunities will be created by development of power sector and oil sector. For example Middle East countries are doing well because of their oil reserves. Quwait was developed, Qatar has been developed now. Nigeria was so backward. It has developed now because of power and oil sector. Without the development of power sector, no industries can grow. For the commercial sector, domestic sector you need to have developed infrastructure. There were hardly any four refineries. Two of those refineries did wonderful jobs. One is Gujarat and Uttrakhand refineries. These refineries were entirely based on imported crude. How can a country survive where only 1/3rd of crude was available? This is because of rules and regulations and fiscal benefits extended to this sector that there are 12-13 refineries in the country. One is reliance industries. It is the biggest refinery. It has the double capacity of the total capacity for the matter wise. This is all because of privatisation and globalisation in the country. I have seen a good future for the country. The kind of decision govt. is taking despite all the resistance from public and industrial, commercial sector especially the fiscal benefits extended by the government are excellent. Do you actually believe in all the subsidies provided in power and oil& gas sector? Govt is currently providing a subsidy of 155000 crores where 60% share goes to Kerosene, 20% goes to diesel and 20% goes to LPG. Kerosene is used by BPL families. Govt has not touched that 60% till now. They have only touched the 40% diesel and LPG. The step taken by the govt for the subsidy is a good one. You have to pay the cost of energy you use. Govt is very right in its decision to withdraw the subsidy gradually. Long back petrol was 6 or 7 Rs/ litre 70s. Today people are buying it even at Rs80. Another challenge with subsidy what I see is