Key is to be Independent, Bold and Not Live in Fear: Mohandas Pai at India Economic Summit 2024

New Delhi:  At Republic Media Network's India Economic Summit 2024, Mohandas Pai, Chairman of Aarin Capital and former CFO and board member of Infosys, highlighted importance of political neutrality and role of private sector in India’s economic development. Stressing need for an unbiased approach to governance, Pai urged for both recognition and constructive criticism of government actions, depending on ir effectiveness.

"An important thing is to be politically neutral. Praise government when it does work well, and criticize government when y don't do work—without having any ideological bias," he stated. Pai furr stressed significance of prioritizing national interests: “Look at India first and put interest of all Indians first.”

Concerns Over Business Climate and Rule of Law

In a pointed reflection on India’s business environment, Pai noted a pervasive sense of unease within business community. "I don't believe we have to live in fear, though today, much of a business lives in fear in this country," he said. "We need more people to stand up and believe this country belongs to us."

Pai also criticized justice system, describing it as one of greatest challenges facing nation. He observed, "We are a victim of a broken justice system. It is one of biggest challenges this country is facing as we don’t get justice by going to court; it takes 15-20 years."

Reflecting on UPA Era: Political Influence on Enforcement Agencies

Pai drew a distinction between enforcement practices of UPA and NDA governments, pointing out how political influence affected business leers in past. He argued that enforcement agencies like Enforcement Directorate (ED) and Income Tax Department were often used to exert political pressure. "In UPA era, all political parties used ED and Income Tax for various purposes," he explained, citing Arnab Goswami ’s case as an example of targeted action in Maharashtra .

"In guise of enforcing law, if somebody came to your home and did something to you, you could go and make a deal with a minister," Pai stated. "In NDA , you can't make a deal as y don't allow you. re is no end to litigation—it goes on and on. Why can’t y file a chargesheet, prosecute people, and close it in three years?"

Cost of Democracy

Reflecting on challenges posed by India’s democratic framework, Pai emphasized need to dress systemic issues. “ tragedy of this country has been, we are not paying price for democracy—democracy is expensive,” he remarked, indicating costs involved in ensuring a fair and just governance system.  

India Economic Summit 2024 

Republic Media Network’s India Economic Summit , now in its fourth distinguished edition, is underway at Network’s grand HQs, proudly hailed as largest news centre in Asia. This event, held under visionary me "Viksit Bharat: Bullseye," serves as a beacon of economic ambition, illuminating India's aspirational path to a $50 trillion economy by 2047.

Bringing toger a distinguished assembly of policymakers, business magnates, and industry experts, summit is a platform for forward-thinking dialogue on India’s future as a global economic powerhouse. Discussions will delve into transformative ideas around policy innovation, infrastructure development, and inclusive growth to shape a vibrant, self-reliant India.

ding to summit’s prestige, India’s Finance Minister, Nirmala Sitharaman , will join as chief guest, emphasizing India's increasingly influential role in global tre and its bold strides toward economic prominence.