I have piece on GK Sundaram's forgotten speeches delivered in Indian Parliament when he was leader of Swatantra Party during the socialist era of Indira Gandhi.
Here is a slice from the piece:
In August 1969, Sundaram suggested the following eight measures to the government for framing pragmatic policies towards economic growth and inclusive development:
“(1) First and foremost is payment by result in industrial, agricultural, private, public, Government and other fields. This alone can achieve the goal. You may verify that countries which have devalued have stabilised their economy by sheer work. By hard work only they have come up and not by just planning or by fooling the people.
(2) A substantial reduction in taxation is absolutely necessary to rebuild the industrial development.
(3) We do not want an Everest effort. An earnest effort is necessary in agricultural production which we never had all these 15 years.
(4) We must create confidence and give opportunity for the people to invest in industry.
(5) Then, industrial development should not be impeded by controls. We must be free from controls.
(6) Industry must have adequate rupee finance. At least, if you cannot provide with your money, do not stop them from getting it.
(7) Provide enough incentive for exports wherever it is found absolutely necessary.
(8) And last of all, reduce your expenditure drastically, whether it is private or public sector, but never attempt deficit financing either openly or secretly.
The strength of the currency ultimately depends upon the level and growth of production. Economic policies should be made liberal, planning realistic and administration efficient.”
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