If you think Yojana Bhawan on Parliament Street in the national capital is hogging all the limelight after the Prime Minister took over the Finance portfolio, you are wrong.
A small building behind the main Vigyan Bhawan (the Government’s convention centre in New Delhi) has also become a ‘must visit’ for India Inc, the financial sector and visiting foreign dignitaries. This building houses the powerful advisory body, the Prime Minister’s Economic Advisory Council and its Chairman, Dr C. Rangarajan.
The RBI Governor, Dr D. Subbarao, and the Life Insurance Corporation Chairman, Mr D.K. Malhotra, are also likely to meet Dr Rangarajan soon.
Meanwhile, the non-executive Chairman of Vodafone, Mr Analjit Singh, along with the Group’s External Affairs Director, Mr Mathew Kirk, has already met Dr Rangarajan. Dr Arvin Boolell, Foreign Minister of Mauritius, called on Dr Rangarajan on Friday.
It is widely believed that the Prime Minister is managing the Finance portfolio in close association with Dr Rangarajan and Mr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission.
While nobody is talking about the agenda of their meeting, it is more or less obvious. If Vodafone is involved in a tax dispute with the Government, then Mauritius has an issue over the General Anti Avoidance Rules.
The industry has a long wishlist ranging from cheaper credit and liberal FDI regime to deferment of GAAR. Mutual funds and the insurance sectors are facing lower inflow problem. The banking sector is facing problems on account of high non-performing assets.
Meanwhile, Vedanta Group Chief, Mr Anil Agarwal, on Friday joined the list of industrialists who have met Mr Ahluwalia. Before him, Reliance Industries’ Chairman, Mr Mukesh Ambani, his younger brother and the ADAG Chairman, Mr Anil Ambani, Duncan Group Chief, Mr G.P. Goenka, Vodafone India Chief, Mr Analjit Singh, have all had meetings with Mr Ahluwalia.