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'We are about the only country which still hangs on to a huge public sector'

The changes I have seen are industrial delicensing, dismantling of the MRTP restrictions, greater freedom to the stock markets and banks. But to be quite frank, I don't think there have been any major, startling changes as yet. Startling change to my mind would be the privatisation of the private sector. And I hope it does comes about.

Removal of various restrictions that still continue in this country. For example, there are severe restrictions on the labour market and the urban development market. We are very antiquated in our labour and urban development laws.

We are about the only country which still hangs on to a huge public sector. Almost every country has privatised, including China. But we are still not privatising very much.

These would be the next level of changes required. So, to my mind, nothing up to now has been startling. It's been good, it's a good beginning, but it's not been startling.

Do you think the fiscal reforms can be reversed by another government? Or do you think the process is far too entrenched for it to be reversed?

Of course, it can be reversed! How can you say it can't be reversed? Any government can come in and reverse it. But if you ask me if it is likely to be reversed, I would say no.

It can be reversed. What stops it from being reversed? How can you say it cannot be reversed? But it does seem likely that it will not be reversed.

Do you think the Swadeshi movement, for instance, could undermine the process?

I think the word has been bandied around so much that its meaning is different to different people.

I don't believe in such slogans. I don't think we should have such slogans.

If the next finance minister of this country asked your advice on the reform process, what would you tell him?

Privatise rapidly. Balance the Budget which is very easy to do if you privatise. Use government assets to create wealth. The huge assets like the railways, the army which are being wastefully used can be converted into revenue and can help development. Change the urban development law.

Open up the infrastructure investment laws so that we get a lot of international investment in infrastructure which we require urgently. Take policy decisions to modernise the country very rapidly.

Adi Godrej photographs: Jewella Miranda