Since BJP's win and Modi's imminent appointment as the next Prime Minister of the country, much speculation has been going around as to who will become the next Finance Minister. The name that has been doing the rounds is of course that of Arun Jaitely. But many are of the view that the plum position can be given to a technocrat like HDFC Chairman Deepak Parekh.
Also Read: Modi back in Delhi, discussions on Cabinet formation resume
Parekh has advised many a government and has headed many expert advisory committees.
In an exclusive interview to CNBC-TV18's Menaka Doshi, Parekh said he is not in the running for the Finance Minister's post. "There's no iota of truth. Don't believe in rumors." However, he adds that he will always do whatever the government asks of him.
He thinks Oil Import bill should be the biggest priority for the new government. Parekh said the hopes and expectations from the new government have risen significantly since BJP is seen as pro-business and pro-trade party. Moreover, Narendra Modi is a doer who has done a lot in Gujarat, he added.
Terming Modi's arrival to the Centre as "Gujarat's loss and India's gain", Parekh said he expects to see a different India five years down the line.
He also praised outgoing finance minister P Chidambaram for taking "some tough decisions in last 6-8 months".
Below is the transcript of Deepak Parekh's interview with Menaka Doshi on CNBC-TV18.
Q: Is there any truth to the rumours that you are in the race for the finance minister's post or that you are being considered for the FM's post. It's a thought that has fired the imagination of business in Mumbai as well the market?
A: There is not an iota of truth. Don't believe in rumours. There is no truth whatsoever.
Q: So you are unlikely to be in Delhi on Monday being sworn in as a minister?
A: Absolutely not.
Q: What role – since you have advised many governments, not just the last two United Progressive Alliance (UPA) governments but many governments and you have played a crucial role in their thinking on economic policy. What role would you think appropriate for you to be able to contribute to the pending challenges that this government faces. What role would you like to play?
A: The people in the government who are running the country, they have to take a view, they have to then decide whom they want to take advice from, do they want advice or they know it, what are the areas they want to pick expertise from, which are the areas they take expertise from.
I have been on many committees and we do not know what the government will do but I will always do whatever they ask me to do but let them form. It's too premature to ask this question. We have a couple of issues which are large, which are pending. One is Dr. Kelkar's Committee on energy. It is a long-term policy of what should be the energy security and the energy strategy for India. As you know energy is our weakest subject, oil is the weakest subject. Oil is the biggest item on our import bill. It will go to 40-45 percent of our import bill and we do not have discovered any oil locally. What should be our strategy? We are in the final preparation of this report under Dr. Kelkar, which we hope to give to the new petroleum minister.
Similarly, I was looking at the 12th Five Year Plan financing infrastructure, which started at a trillion dollars and now we have brought it down, even that report is almost ready but we thought it best we give it to the new government with the new Deputy Chairman of the Planning Commission and the new finance minister. So, these are two committees which I am actively involved in and which we will complete in the next month or so and hand it over to the respective people in power.
Q: You know India Inc very well and are familiar with their thoughts, gauged the mood of business in this country after the mandate that we have seen come through from the elections. Can you give me a sense of what it is? Is it a sense of relief, is it a sense of hope. How is business looking?
A: Hope and expectations have risen significantly. Mr. Modi is a doer. He has done things in Gujarat, he has changed the face of that state, he has brought industry there, he has improved infrastructure there, he has done a lot of things in that state and he has been there for the last 12-13 years as Chief Minister, so obviously hope and expectation is there and for the business community, the climate maybe better to do business with.
Q: Has the business community put aside the fears that they expressed in 2002, CII was part of that, of monitoring the Gujarat government at that point in time. Do you think that is behind them now?
A: I think everything is behind. We have to live for the future. The BJP government has got a clear mandate from the people, it shows intelligence and resourcefulness of our people, of our voters that they want a strong government, they want a single government, they want a government that works.
Most of India, barring a few states, BJP has done exceptionally well. So, it's a vote for change, it's a vote for Modi, it was a Modi wave and the business community is thrilled that BJP is pro-business, pro-trade and they would take positive decisions. Ultimately what does businessman want? A strong India, a prosperous India, a successful India, India that is growing well. India that will get back its stature which it deserves and we all are hoping for this and we see not a ray of hope, not a glimpse of hope but a large ideal sitting in the front -- that the hope is there, that India will be different five years from now.
Q: You were amongst the most vocal critics in 2002. Have you put that behind you because in The Times of India you made it clear that your choice for Prime Ministerial candidate was Narendra Modi, in fact you even said unusual times call for unusual solutions or choices. So, I am trying to understand what is it that you are hoping this government will deliver and why you made that statement - unusual times call for unusual choices or unusual measures?
A: I think you have to move on in life. One incident should not come in your way all your life. It was the circumstances that happened but if you ask anyone in Gujarat he/she will say that Gujarat's loss is India's gain. No one in Gujarat wanted Modi to move to the Centre because he was so good for that state.
Q: He was clearly your preferred Prime Ministerial candidate so to speak but that very same month you also endorsed Milind Deora for South Mumbai so I was left a little confused.
A: I have known Milind since he was two years old. My son, and he were in the same kindergarten and school together. So, that was a personal choice. As an individual I supported Milind.
Q: I get to ask this question frequently in the last two weeks at least saying how is it that business has changed its colour so quickly. This was the same business that hailed Dr. Singh and his government, this was the same business that criticised Gujarat in 2002 and now this is the same business that has unprecedentedly backed Mr. Modi has Prime Ministerial candidate. Is it because in this country if you are not with the politician in power you stand at a disadvantage in business?
A: It is not that. I think the business community and all of us were a bit disappointed during the last two-three years because no decisions were coming, and there was policy paralysis. Mr. Chidambaram did an excellent job during the last six-eight months singlehandedly by taking tough decisions and by doing things, appointing Raghuram Rajan as RBI Governor and number of things but the feeling was that the government was not working, the communication was not there. The inter-ministerial cooperation was not there and that caused the businessman to feel that we need a change, we need a government that works well.
