India needs Narsimha Rao type of political leadership for economic reforms


During the course of this economic crisis, the article is feeling the necessity of the type of political direction of the type of Narsimha Rao for economic reforms in the present scenario. Rao had made the economic reform process possible in political form during such a turbulent time when his own party was heaping hurdles on his way in this big task.

India witnessed some important events happening during some past days. Addressing the nation for the 10th and probably the last time from the ramparts of the 'Red Fort', Manmohan Singh lastly accepted this truth that in the beginning of the last decade of the passed by century, the then PM Narsimha Rao had played a central role in the formulations of economic policies of the country. In his speech, manmohan Singh had said that in the year 1991, we had faced a huge economic crisis under the leadership of Narsimha Rao and had taken steps ahead in the direction of improvements and strengthening of the economic condition of the country. Although in those times, several political parties had opposed these reforms but those reforms were in best interest of the nation due to which the governments coming next kept it rolling down gathering mosses. Right from that period up until now, economic policies are incessantly continuing.

Role of Narsimha Rao in economic reforms


In the processes of economic reforms, the role of Narsimha Rao was by fat much more compared to Manmohan Singh. He was the single prime minister, who tried to carve out a separate image of his own away from 'Nehru-Gandhi' family. Those were the times when massive pall of gloom was overcast on the score of nation's worsening state of affairs of economic condition both within the country and abroad. Then, the condition of rupee was shoddier. Invest had dried up. The doors to the economic growth seemed to have shut wide. Looking at these situations, India was being given the advice of once again to revert to the 'control-permit Raj'. In order to stop the falling exchange rate of rupee, RBI was mulling over the option of discontinue the free monetary flow in the market to halt its depleting exchange value. Market was haunted with the fears more controls and every one was restless in the process. Despite the upheavals in the economy during the recent times, PM Manmohan Singh is trying to give assurance to the effect that the economic scenario of country will not be permitted to develop like the 1991 crisis. That nobody is going to believe him is altogether a separate issue. His greatest among all his failures has been not to being able to make his own party agree with the economic agenda.

Managing economic reform is a political process


Despite everything being so as stated already above, his mistakes are nowhere to be discerned in all these developments. Manmohan Singh is seen repeatedly doling out advises. This has become a kind of politics these days and the nation and its people are paying the cost of which. In fact, managerial management of economic reforms and its supervision is a political process. All these are the handiwork of a political leader and not of course of a technocrat. We all know Manmohan Singh was never an effective politician or a leader.


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Comments

Guest Author: Sivaramakrishnan24 Nov 2013

I think the world is going through the crisis of setback in economics and in this regard we cannot name a person who can bring sweeping changes. Surely the world economy is related to one another. If a Nation collapses due to economic crisis, it will have the deeper impact on other Nation too. But surely India has the ability to come out of the crisis sooner or later as the world economy is also limping back to normalcy. What we can take pride is that our official Machinery at the center is well informed about the crisis and the managers are sure to set right the things soon.

Guest Author: Sivaramakrishnan24 Nov 2013

This article indeed brings out the role played by the former Prime Minister P V Narasimha Rao in putting the country's derailed economic conditions on track.

He was the father of the economic reforms in India and was instrumental in including the second generation reforms in the Congress election manifesto in 1991 as it was a well thought out strategy to steer the country through a distressful economic crisis , according to President Pranab Mukharji.

He may be the forgotten hero but he was the one who followed the Nehru strategy to select Dr.Manmohan Singh as Finance Minster to implement his economic ideology. Nehru picked the then RBI Governor C D Deshmukh as his FM, ignoring regular politicians. This was the master stroke of Narasimha Rao to bring back the country's economy on track.

Foreign investment was gradually liberalized and Imports of technology were freed.This annoyed the Indian farmers, they were assured that there would be no opening up of Indian agriculture.During his tenure only, the world began to take notice of India for it's high economic growth and IT sector

Rajiv Gandhi made his influence in improvement of Information and Technology in India so as P. V. Narasimha Rao can be treated as the modern architect of Indian economy along with Manmohan Singh.

It's a good article on P V Narasimha Rao.



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