OCTOBER 02, 2024

By Vijay Kumar

IT was the fiscal fiesta of the year! The TIOL Tax Congress 2024 was like a Hollywood premiere - except instead of red carpets, we had an avalanche of economic theories and a sprinkle of humour to keep us awake. Our shining star? None other than Larry Summers, the former US Treasury Secretary and President of Harvard University, whose jokes might just be as valuable as his economic insights.

It was a day when the stars of the fiscal world descended to be amidst us in the TIOL Tax Congress 2024 and TIOL Awards function.

Larry has a remarkable talent for distilling complex economic theories and intricate equations into clear, meaningful insights that are accessible even to those without a technical background. When we find ourselves grappling with new models, he effortlessly transforms them with the finesse of a magician, reshaping the global dialogue in the process.

Ultimately, Larry Summers is the economist we never knew we needed - part analytical wizard, part comedic genius, and entirely unpredictable. While his impact on economic thought is undeniable, his ability to entertain, provoke thought, and challenge conventions truly sets him apart.

From Harvard's halls to the broader world, Larry Summers is renowned for his intellectual prowess and his unique sense of humour. He adeptly calculates GDP while delivering quips about the challenges of women in science, asserting the importance of learning from mistakes.

Shri. Harivansh Narayan Singh, Hon'ble Deputy Chairman of Rajya Sabha, conferred the TIOL Kautilya Global Award 2024 on Lawrence H. Summers amidst thunderous applause from the audience consisting of the who's who of Indian fiscal arena.

In his speech Dr. Summers stated.

What has happened in India - who could have imagined at that moment when the question of whether two or two and a half billion dollars of support from World Bank loomed so large that India would have accumulated 600 and some billion dollars of reserves.

Who could have imagined that rather than being the object of international assistance, India would be a vital source of international assistance for some of its neighbouring countries and indeed for countries all over the world.

Who could have imagined the kind of infrastructure improvement that we have seen in India.

It is an extraordinary story and it is a story in which I take some satisfaction of having been a spectator, supporter and some sort of marginal participant but it is a story for which my colleagues on this stage deserve extraordinary credit.

He was referring to former RBI governors Dr. C. Rangarajan and Dr. YV Reddy, who were on stage. He affectionately called Dr. Reddy “guv” and Dr. Rangarajan was a student of Larry's father. So Rangarajan knew Larry from his school (Larry's) days. It was a rare visual to witness Dr. YV Reddy, Dr. Rangarajan, Mr. NK Singh and Dr. Larry Summers discussing, not the weather, but their previous meetings and conferences. Such a constellation of intellectuals in one room was perhaps possible only in the TIOL Congress.

The TIOL team with the stars on stage - Justice SK Singh, Former Judge, Supreme Court of India, Dr. YV Reddy, Dr. C. Rangarajan, Dr. Larry Summers and Justice AK Patnaik, Former Judge, Supreme Court

We honoured Dr. C. Rangarajan, renowned economist and public servant whose impact on India's economic landscape has been profound. As the Governor of the Reserve Bank of India from 1992 to 1997, he played a pivotal role in steering the country through significant economic transformations, establishing policies that laid the groundwork for India's liberalization and growth.

Beyond his role at the Reserve Bank of India, Dr. Rangarajan has held several prestigious positions, including Chairman of the Prime Minister's Economic Advisory Council and Governor of various States. His academic contributions as a professor of economics and author of numerous research papers have enriched the understanding of economic dynamics in India.

Did he enjoy being Governor of RBI?' His answer is, ‘I am enjoying it in retrospect.' While he acknowledges the role of chance, the favourable circumstances that India enjoys today are firmly rooted in the choices he made.

Another awardee was Dr. Y.V. Reddy, a distinguished figure in the realm of economics, whose influence extended far beyond his tenure as the Governor of the Reserve Bank of India. With a career spanning several decades, he has made substantial contributions to India's monetary policy, financial stability, and economic growth, earning respect both nationally and internationally. As a trailblazer in India's economic landscape, Dr. Y.V. Reddy exemplifies the qualities of effective leadership, innovative thinking, and unwavering commitment to public service. His role in shaping India's monetary policy and steering the economy through phases of both growth and challenge cannot be overstated.

In his autobiography, he states, “I am less than forthright and frustratingly non-humorous.”, but he has a devastating sense of humour that only a scholar can have. See this one:

“I became popular as an ex-governor more than as a governor. How and why did this happen? I have explained the reasons for our being both ‘conservative' and ‘innovative' in our policies. A governor has to exhibit quiet confidence - neither exuberance nor diffidence. He has to often pretend that the Reserve Bank is independent without offending the government. We are not equal to the government but have to convince others that we are not subordinate to it. My work as governor was challenging and at times fascinating.”

When he was asked about whether he believed in a single objective for the Central Bank (of maintaining price stability), he answered, "Yes, I believe in single objective, which is to protect the economy from the government of India."

Another distinguished guest was Ms Crystal Kabajwara, Chairperson of Tax Appeals Tribunal of Uganda. She heads the tax tribunal which deals with both direct and indirect taxes.

In the inaugural session, we had Mr. Samrat Choudhary, the Deputy Chief Minister of Bihar and Mr. Rajagopal Devara, Additional Chief Secretary of Maharashtra.

The renowned tax lawyer Mr. Lakshmi Kumaran made a surprise appearance and chaired a high-level technical session on Ease of Doing Business where former Chairman of CBDT, Mr. JB Mohapatra was a panellist.

GST on Digital Economy There was a technical session on Globalisation of tax laws and jurisprudence moderated by Mr. Pramod Kumar, Former Vice-President, ITAT with Ms. Crystal Kabajwara, Chairperson of Tax Appeals Tribunal of Uganda Shri Mukesh Butani, among others in the panel.

GST - The Road ahead session moderated by Advocate S. Jaikumar had distinguished panellists like Shri N Venkatraman, Additional Solicitor General of India, Shri M K Sinha, CEO, GSTN, Shri M S Mani, Partner, Deloitte LLP, Shri Varun Khanna, Sr VP (Finance & Head, Indirect Tax), Bharti Airtel Ltd, Shri Mohan Nusetti, Senior VP and Global Tax Head, Lupin Ltd., Shri Ashish Chandra, Chief Legal & Risk Officer, Junglee Games India.

ASG Venkatraman informed that the government was revisiting GST on real estate. He stated that the government was willing to address any general issues the trade might be having if they are brought to its notice. He exhorted the trade to suggest possible solutions for their problems.

China's U-turn, a book written by our founder editor, Dr. Shailendra was released in the presence of Justice A K Patnaik, Shri N. Venkataraman, Shri Harivansh Narayan Singh.

The last and the most important part of the day was presentation of annual TIOL awards for various categories and present on stage were Shri Harivansh Narayan Singh, Hon'ble Deputy Chairman of Rajya Sabha, Justice A K Patnaik, Shri K C Tyagi, Former Member of Parliament, Dr. P Thiaga Rajan, Hon'ble IT & Digital Services Minister of Tamil Nadu.

Some glimpses:

Mr. Lakshmikumaran	Mr. Mohapatra	Dr. Shailendra and Mr. Jai Kumar

Award winners

Dr. P. Thiagarajan, Hon'ble Minister, Tamil Nadu	ASG Mr. Venkataraman

When we started the programme at 10 am, a lawyer from Coimbatore asked me, will all these people stay till 8pm? At 8.30 pm, when we officially closed the function, the hall was full.

Until next week