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Kotak Mahindra Bank Limited PUNE | THURSDAY, 13 DECEMBER 2018 TAKE TWO 17 . < NEWSMAKER: SHAKTIKANTA DAS/GOVERNOR /RBI Why Vietnam could would be scrutinised by a tax panel before any action is initiated. A fiscal conservative, it is Das who is said to be the be Asia’s biggest Bureaucrat’s bureaucrat force behind Jaitley keeping the fiscal deficit target unchanged in his first budget and then subsequently sticking to a descending glide-slope every budget trade war winner thereafter, except the 2017-8 budget. at Mint Road Das also advised Jaitley to set up a new panel to BLOOMBERG easier for foreign investors to do busi- discuss India’s future fiscal roadmap. He was also the 12 December ness with a proposed securities law A quintessential finance ministry insider takes charge of the central Economic Affairs Secretary, under which comes the that would allow 100 per cent foreign budget division, when the budget date was advanced In the race to lure companies looking ownership of public companies, except bank at a critical time in the relationship from February 28 to February 1 and the rail budget for alternative sites amid the US-China those in restricted sectors like banking was junked with the Union Budget. trade war, Vietnam wields a slew of and telecommunication. Along with former Chief Economic Advisor Arvind advantages over its rivals. Foreign direct investment is surg- ARUP ROYCHOUDHURY Subramanian, Das also attacked global ratings agencies Vietnam was ranked No. 1 among ing, with the government expecting New Delhi, 12 December for having different standards while assessing India and seven emerging Asian countries as disbursed FDI to rise to a record $18 bil- China, and in a meeting with one of the big-three manufacturing destinations by lion this year. Hon Hai Precision he new Governor of Reserve Bank of India agencies, also berated them personally. Natixis, which looked at demograph- Industry, the Taiwan-based manufac- (RBI), Shaktikanta Das, gained fame of a sort A widely respected official, he has been called a ics, wages and electricity costs, rank- turer for companies such as Apple, is during demonetisation. As the person hand- “bureaucrat’s bureaucrat” by Jaitley. One of his ings in doing business and logistics, considering shifting some of its pro- T picked by the political leadership to face the biggest strengths is his media-management. Never and manufacturing as a share of total duction to Vietnam as a hedge against media and explain the daily Reserve Bank of India evasive or arrogant in his dealings with the press foreign direct investment. the trade tensions between the US and notifications and dozens of rule changes to the general corps, Das has also been crucial in behind-the- “Vietnam is poised to capture some China, said Vu Tien Loc, chairman of public, images of Das beamed into the living rooms of scenes, informal communications between the RBI of China’s global market share in the Vietnam Chamber of Commerce the nation every day for a month and a half. and government over the years. Officials who have labour-intensive manufacturing,” said and Industry. He was chosen for this task because, by all worked with him in North Block say that he is Trinh Nguyen, a senior economist at accounts, the government was apprehensive that accommodative of all views and will give everyone a Natixis in Hong Kong. “It’s the clear then RBI governor Urjit Patel would lose his patient hearing in meetings winner from the trade war.” CHEAP LABOUR legendary temper at the first sign of a tough question One of his biggest before taking a decision. Prime Minister Nguyen Xuan Phuc Vietnam’s manufacturing wages are if he was asked to conduct daily media briefings. In strengths is his It is possible that Das is taking advantage of trade tensions to among the lowest in Asia that sense, it is almost ironic that he takes charge media-management. will also be the governor boost the nation’s profile as a manu- Manufacturing worker’s against the backdrop of increasing tensions over the Never evasive or most active on social facturing and export powerhouse, sell- monthly wage ($) central bank’s autonomy. arrogant in his media. As of writing this ing everything from shoes to smart- Vietnam 216 But this sustained exposure in the last months of dealings with the piece, his Twitter account is phones. Trade amounts to about twice Philippines 234 2016 also means that Das became the person that press corps, Das has yet to be verified. However, its gross domestic product —more people associated with a period of despair as they been crucial in he has tweeted actively on than any country in Asia apart from India 257 struggled to get access to their hard-earned cash. And behind-the-scenes, all government issues even Singapore. Here’s a look at what makes Indonesia 314 often, he was the bearer of bad news. He announced the communications after he retired in May 2017. Vietnam attractive to foreign investors: Malaysia 356 RBI’s decision that daily withdrawal limit would be between the RBI and Indeed, many considered reduced to ~2,000 from ~4,500, that indelible ink will be the government his tweet on the one-year Cheap Thailand 378 used for those visiting bank branches so that they don’t over the years anniversary of Production workers in Vietnam are China 470 make multiple withdrawals— a decision which was demonetisation as paid an average of $216 a month, less later withdrawn after widespread outrage— and singularly insensitive. than half what their peers get in China. Source: Japan External Trade Organization defended the government line that demonetisation So it is not surprising that Das does not have a Thanks to government subsidies, elec- would only cause a short-term impact. controversy-free track record. Bharatiya Janata tricity is also cheaper at 7 US cents per A day after his elevation to the RBI, most of the Party’s Member of Parliament and Jaitley’s bête kilowatt hour compared with 10 cents Geography criticism on social media focused on his role during noire, Subramanian Swamy, has constantly attacked for Indonesia and 19 cents for the Vietnam’s proximity to China also adds demonetisation and his academic credentials as Das. He has been accused of helping Chidambaram Philippines, according to to its appeal. The two share a land bor- “just” a Masters in History from St Stephens College, in the Aircel-Maxis case, of being involved in a land GlobalPetrolPrices.com’s June data. der, compared with countries like New Delhi, compared to two of his immediate ILLUSTRATION: AJAY MOHANTY allotment scam in Tamil Nadu, of nixing the Vietnam also has one of the largest Indonesia, Philippines and Malaysia predecessors who hold doctorates from foreign manual” in 2010, which has since served as a Department of Revenue Intelligence’s probe labour forces in Southeast Asia, at 57.5 which are all much farther away. universities. proverbial standard operating procedure blueprint regarding coal imports, and of meddling in the affairs million. That compared with 15.4 mil- Chinese companies that need raw And just like the last “bureaucrat governor” for officers when they swing into budget of the Enforcement Directorate. None of these lion for Malaysia and 44.6 million for materials from the US will find it easi- Duvvuri Subbarao, the commentariat feels that Das preparations each year. accusations have been proven. the Philippines, according to the World er to source these goods via Vietnam. will be beholden to the government. Those who have From June 2014 to May 2017, he was, first, the Just six months after retirement, Das was also Bank. Vietnam is China’s largest trading part- observed policy from close quarters, however, know revenue secretary and then the economic affairs made a member of the 15th Finance Commission. ner in Southeast Asia as the two that once a person goes from New Delhi to Mint Road, secretary. In the two stints, he has been directly The Commission has already visited 13 states and is Deals, investment nations become more central in each he assumes a mind of his own. involved in shaping eight Union Budgets. When collating data to create its report. He also served as Vietnam’s communist leaders have other’s production chains. Das, a 1980-batch Tamil Nadu cadre officer, has Jaitley presented his first budget, Das was the India’s Sherpa to G-20. pursued free trade deals with South had two long stints in the ministry of finance, under revenue secretary and gave Jaitley a way out of the Das comes at a time when the relationship Korea and Europe and joined 10 other Stability four finance ministers: Pranab Mukherjee, issue of retrospective taxation that had plagued between the government and the RBI have reached a nations in March in signing a Trans- Vietnam boasts one of the world’s Manmohan Singh (who as prime minister held Mukherjee and Chidambaram. nadir. On Tuesday, he already proved he is different Pacific trade pact. Officials completed fastest-growing economies, forecast to additional charge), P Chidambaram and Arun Jaitley. Jaitley assured markets that the government from his predecessor by holding a long press a trade deal with the EU in June that expand at about 7 per cent this year. From September 2008 to December 2013, he would not make any retrospective changes to tax conference and answering questions patiently. A will eliminate almost all tariffs. In The dong has been relatively stable in served in the expenditure and economic affairs laws that would create fresh liabilities, and that all governor who tweets regularly and answers media Southeast Asia, only Singapore has a 2018, compared with other currencies departments.
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