•Kakoli Chatterjee: Do you want interest rates to be softened for construction companies or for retail consumers?

For everybody. The rates should be between 6 and 8 per cent to significantly impact demand. Rates all over the world are down to 1-2 per cent. Stimulating demand will automatically generate jobs and rejuvenate confidence. Lower rates and inbuilt fiscal incentives need to be provided in consonance. We need to pinpoint industries which have a cascading effect on other industries. The housing industry is a great contributor in this regard: for every rupee invested in housing, 70 paise goes into GDP. Cement, steel etc are all impacted as a result.

•Shekhar Gupta: As a businessman, how did you take this sudden fall, not just in valuation but in the stature and presence of your company? You used to be on the front page of newspapers as one of the richest Indians.

My lifestyle has remained the same. I have been asked, Mr Singh where do you buy your suits? I said, would you believe, I haven’t bought a suit in 5-6 years? I looked around my wardrobe and realised I’ve rarely worn the same thing more than once. Why should I buy for the heck of it? As for the valuation, that is something that matters only to dealers and those dealing in stocks. We are not sellers, so how does the valuation matter? Sometimes it’ll be up, sometimes it’ll be down. I have no clue how these things are decided.

... contd.