Farewell Dr Manmohan Singh, history will be kinder to you tomorrow.

"Get me the number of Prof. Manmohan Singh", PV Narasimha Rao ordered his PA. His PA didn't know the number. Rao said,"I want him to be called in 10 minutes. Find out from wherever, he teaches at Delhi University." PA found his number by dialling some contacts and connected Dr Singh to Narasimha Rao.

It was 6 am. And Rao came on line to speak to Dr Singh. "Kya Professor Saheb. Bacchon ko Padhaare kyaa? Can you meet me at 9am today?" Dr Singh spoke in monosyllables of "yes" or "no" right from then. He said "yes" to Narasimha Rao's request. The meeting turned into one of India's most dramatic inflection points. For the first time, an RBI Governor whose signature appears on a one rupee note becomes India's new Finance Minister  - and the rest has earned both Narasimha Rao and Manmohan Singh a place in history books. The duo alongwith a few other hand-picked talents took decisions that transformed the economic landscape of India forever.

Dr Singh credited most of his success and boldness of decision-making to Rao's unflinching support. But when the time came for Rao to bid a goodbye to this world amidst unprecedented machiavellian drama and back-stabbing, Dr Singh, as per reliable sources did not even visit the hospital ward of Narasimha Rao before he passed out. For all the talk of "structural adjustments with a human face", Dr Singh didn't have the courage to bypass Sonia to even call on a person who he always called as his mentor.

Twenty years after Narasimha Rao cherry-picked Singh to India's most prestigious Ministerial portfolio, Dr Singh did a similar gesture in beckoning Dr.Raghuram Rajan to India, to test his erudition, prescience and academic brilliance in the laboratory of the Monetary Policy at RBI. History will judge Dr Singh in different light than the judgements passing on him now in the heat of the bittermost election just as history now sheds kinder light on Narasimha Rao's Prime Ministership long after the suitcase scams and JMIM bribery cases faded into oblivion.

While individual achievements in academics, intellectual prowess and the body of contribution to Economic thought-leadership besides the economic reforms unleashed as FM will take many more years to deep-mine, his ascent to Prime Ministership  has been his finest hour and most fallible moment. If you take the history of most Congress Prime Ministers outside of Gandhi dynasty annointed by a demagogic group of politicians, then Manmohan Singh has taken the brunt of brinksmanship and blindmanships all on himself unlike the rest. Guljarilal Nanda was always a standby PM. Whereas Lal Bahadur Shastri actually broke the back of Indira Ganshi to the point of almost driving her out of India to London because he took no nonsense from anyone, least of all encourage the nepotistic ways of Indira Gandhi.  That leaves Narasimha Rao alone who took on the most umbrageous steps of taming the Gandhi parivar, taking baby steps and later giant strides to thwart the dynastic rule in its shameless march. He was checkmated by a confederacy of dunces and a conspiracy of sycophants. That must have played out heavily in the mind of Dr Singh as he took on the role of 'The Accidental Prime Minister'. He became silent and abrogated the responsibility of the chair of Prime Ministership by being blind to all that is happening under his ecosystem.

He may have avoided the wrath of Sonia and the party colleagues but by becoming a Bakra for someone else's surreptious ways and ruthless pursuit of power without accountability, Dr Singh has earned only shame and sympathy in his last few years. It could be a "Saturn" dasa but his redemption in history can only come after time obliterates his scam-ridden second innings from public memory. If the price of silence to unbridled corruption and loot of national wealth is a tenure to India's third longest-serving Prime Ministership, Dr Singh has earned his place too in history books in more roles than what any son of a humble upbringing could have got. For that, Manmohan Singh gets my toast tonight. If only his personal integrity and scholarship and his crisis-management during the tumult of 1991 and again in 2008 had got a better say than his conscience which remained a mute spectator to the misdeeds of Congress, he would have slept better tonight.

Dr Singh's story reminds me of the quote which sums up what happens when you don't speak your mind:

First they came for the Socialists, and I did not speak out-- Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out-- Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out-- Because I was not a Jew.
Then they came for me--and there was no one left to speak for me.

A sad story. But as I said, history will judge Dr Singh better than what clouds our recent memory of his achievements.

PM Manmohan Singh speaks on Doordarshan: Need for Economic Literacy

Keeping aside the follies of Congress-I and the pros and cons of bringing in FDI in retail, happy to see the s(p)inister Mamatha get beaten at her bluff. With 19 seats, You cannot dictate terms to a coalition partner of 205 seats. And for God's sake, when will the politicians get a tutorial in Economics? Doing a Bharat bandh and making the economy halt for a day makes life tougher for the common man. Some part of the output of the day Rs.12500 crs. plus is gone out of the mouths of poor people - daily laborers, shift workers, etc. BJP should understand that being asinine and idiotic in approach wont get them the votes in the next election.


While I am neutral to both the parties, can BJP give a declaration in writing that they will not raise fuel prices if they come to power? Can Mamatha have a bet with CPI that she will never take harsh measures against the common man? In Economic realities, you can never do it. BJP should realise that the toughest decisions in Economic policy were taken by Congress-I - they raised fertilizer prices more than 350 per cent, they raised fuel prices several times (out of compulsion not out of sadism because the crude oil prices never spiralled out of control during BJP regimes), FDI in other sectors.

BJP and the opposition in those times never did a roadshow against the raising of fertilizer prices. (Fertilizers is one of the key goods imported by India - apart from Crude oil, Coal, Gold etc.). So, the opposition is usually selective about the protests they want to do rather than fully understand the ramifications of any decision. India has become a democracy before its people became literate, as Nandan Nilekani said, which is not the case with other democracies in the world. So, neither the people nor their chosen representatives have found the time and maturity to ripen their knowledge of what drives decisions in the world - directionally and structurally. It is the responsibility of everybody involved to discuss threadbare the consequences of policy decisions.

If the ruling party hasn't done it, it is the responsibility of the media, the elite, the educated, the opinion-leaders, the state governments, the legislators, the opposition party members - everyone, has a stake in understanding and explaining how future is impacted - if we don't allow Fresh Foreign Capital, technology, management and resource inputs of other kind into Retail or any other sector where efforts to keep it indigenous have either failed or created issues of scale and profitability.

Agents who sold post-office deposits are selling mutual funds, actuaries (and everybody down the value-chain of technical qualifications) who used to be employed by LIC are today gainfully employed in private insurance companies, entrepreneurs who are happy to be small shop-keepers are going to find alternative ways of scale-up or be pushed out.

Change is inevitable and the last 10 years of window the retail has got has only seen few flourish but many stick with old ways of handling money. There are more issues at play here but the payoffs are going to be better than worse.

Tonight, when Manmohan Singh addresses the nation at 8pm, I hope we will all see the need for a healthy debate on policy reforms instead of stalling parliaments and disrupting economic activities. If you like this post, share it with as many. If you don't like this, lets talk more and discuss why. Let us develop more economic literacy.

Post-Script: Since this was posted, Prime Minister spoke on National Television. His speech was measured, informative, persuasive and hard-hitting: "Money does not grow on trees", "They did not succeed in 1991 and they will not succeed now." Here's the link to his full speech.

http://www.moneycontrol.com/news/economy/pms-address-tonationfull-text_760537.html?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+moneycontrol%2FiOjZ+%28Moneycontrol+Updates%29