'Real Victims Of Tax Terrorism': Mohandas Pai Raises Plight Of Private Sector
Pai argued that only radical reforms could unlock India's potential to become a $10-trillion economy.
Mohandas Pai, former chief financial officer at Infosys Ltd., has called on the government to urgently involve the private sector in its reform agenda, warning that businesses remain "the real victims of unnecessary regulations, tax terrorism, rent seeking, delays in approval etc".
Pai argued that only radical reforms could unlock India's potential to become a $10-trillion economy.
His comments came in response to Union minister Piyush Goyal, who said he had held a "productive meeting" with senior officials from the Department of Commerce to brainstorm new reforms and initiatives.
Goyal said the discussions, inspired by Prime Minister Narendra Modi's vision, focused on ambitious goals to improve ease of doing business and ease of living as part of the government's Viksit Bharat 2047 roadmap.
Citing budget papers, Pai noted that "tax disputes have more than doubled between 2014 and 2024" despite the NDA's promise to end tax terrorism. "It has only grown," he said, tagging Finance Minister Nirmala Sitharaman, the RBI, SEBI and Irdai in his appeal.
The meeting saw Goyal state that in the next 100 days, the government will follow the "Five Pledges", which have been given by Modi on Aug. 15 to take India forward on a fast-tracked pathway towards becoming a developed nation by 2047.
He said that this effort will see the work of 140 crore Indians come together as one team, one family, erasing the colonial mindset, respecting India’s rich history, culture and tradition, and focusing on the unity and integrity of the nation. He stated that "no power on earth can stop India from becoming a developed nation".
Goyal also referred to the global confidence in India’s economic growth, noting experts’ assessment that India is on course to emerge as the world’s most sought-after consumer market and a top investment destination.
