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

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

"An important thing is to be politically neutral. Praise the government when it does work well, and criticize the government when they don't do work—without having any ideological bias," he stated. Pai further stressed the significance of prioritizing national interests: “Look at India first and put the 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 the 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 the justice system, describing it as one of the greatest challenges facing the nation. He observed, "We are a victim of a broken justice system. It is one of the biggest challenges this country is facing as we don’t get justice by going to court; it takes 15-20 years."

Reflecting on the UPA Era: Political Influence on Enforcement Agencies

Pai drew a distinction between the enforcement practices of the UPA and NDA governments, pointing out how political influence affected business leaders in the past. He argued that enforcement agencies like the Enforcement Directorate (ED) and the Income Tax Department were often used to exert political pressure. "In the 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 the guise of enforcing the 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 the NDA , you can't make a deal as they don't allow you. There is no end to the litigation—it goes on and on. Why can’t they file a chargesheet, prosecute people, and close it in three years?"

The Cost of Democracy

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

India Economic Summit 2024 

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

Bringing together a distinguished assembly of policymakers, business magnates, and industry experts, the 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.

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