then we would have wasted the opportunity isnt inflation already a burning issue if i look at my branch one thing that shocks me is the rate at which ground floor real estate rentals have gone up and it is completely lazy money that a landlord gets it reduces my competitiveness we need a policy that is brutal about commerce we have to think about this as not a problem of finance but a problem of commerce unfortunately all our minds are focused on finance but the issue is that a problem of commerce is being handled as a problem of finance are financing problems addressed with higher debt limits for fiis there is too much of pressure about cost of funds in a country where your consumer price inflation is 89 savers will not save money at less than 8 which depositor today will accept less than 8 then if you try and reduce interest rates your financial savings move to gold and real estate we have to ensure that financial savings continue to be attractive the move on fii debt was because borrowers are complaining most of the borrowers borrowed in dollars and did not hedge so they thought they were borrowing at 2 while they were borrowing at 20 the first principle of business is to borrow in the currency of your business otherwise you are a forex speculator so theres a financial sector challenge there are issues when you have such a high government ownership if the asset side of the balance sheet has pressure you need capital the correct liberalisation of the financial sector would have been broadening the public ownership in public sector banks which means you would have all public sector banks as widelyheld private sector banks but we cant take that decision for political reasons is the financial system in trouble the banking system is going to be under greater pressure than what banks are willing to show for both public and private sector banks it is an issue of governance it is about trusting the numbers if you look at 2009 why did the recovery happen recovery happened because somebody in the worlds largest economy opened the tap the us followed by europe and now japan us is now shutting the tap and its like all water levels coming down buffets statement comes to my mind only when the tide turns you know who all have been swimming naked therefore for a quick recovery you need steroids i dont see global steroids in a hurry if steroids are being withdrawn it is back to productivity competitiveness getting commerce right it is about back to basics what needs to be done i was completely dreamy eyed in early 90s with manmohan singh as finance minister oh india is changing twenty two years later cash in the economy as a percentage is more than what it was then control cash the gangotri of all problems is cash stop that find ways and