My acquaintance with Shri P.V. Narasimha Rao dates back to 1988 when he was the External Affairs Minister, and I was Secretary General in the South Commission. We met each other when he came to Geneva during that time.
In 1991 on the day of the formation of the Government, Shri P.V. Narasimha Rao called me and said, “come, I want you as finance Minister”.
To many peoples’ surprise, I went to Rashtrapati Bhavan to take oath as Finance Minister.
Before accepting the post of Finance Minister I told Shri Narasimha Rao that I would accept that post only if I would get his full backing. He replied half jokingly : “you will have a free hand. If the policies succeed, we will all take the credit. If they fail, you will have to go”.
After the swearing in ceremony, the Prime Minister Rao called a meeting of opposition leaders. I briefed them. I got the impression that the opposition was stunned. Prime Minister gave me full freedom on economic reform.
The economic reforms did not happen suddenly. That historic change would not have been possible without the visionary political leadership of the time.
The first political leader to grasp the importance of re-orienting our economic policies, to accelerate economic growth with social justice, was Smt. Indira Gandhi herself.
Her initial steps were greatly taken forward by Shri Rajivji, who grasped the importance of the arrival of the new information age.
The Economic Reforms were preceded by a push in that direction in the second half of the 1980s by the Congress government under the leadership of Shri Rajiv Gandhi.
We must pay tribute to the boldness with which Narasimha Raoji grasped the nettle of economic reforms. When the Congress government was formed in 1991, under Prime Minister Shri Narasimha Rao, when I was the Finance Minister the economic reforms were initiated.
Under the leadership of Prime Minister Narasimha Raoji, we took momentous decisions both with respect to our economic policies and with respect to our foreign policy.
One of the significant aspects of the reforms we initiated was the unique nature of the Indian experience. We did not stick to a given formula.
I recall the meeting between Mr. Michel Camdessus, the then Managing Director of the IMF and Prime Minister Narasimha Rao. Narasimha Raoji told him that reforms in India would have to be mindful of Indian concerns.
We are a democracy. The interests of our working people must be protected. We told the IMF that we cannot allow a single public sector employee lose his job as a result of our structural adjustment programme.
I believe that we delivered on the assurances that the reforms would be calibrated to suit our priorities.
Prime Minister Narasimha Raoji brought realism to the fore in Indian foreign policy. He tried to improve India’s relations with neighbours. In 1993 Raoji visited China to alleviate some of the bitterness in the relations.
India along with other countries of SAARC signed South Asian Preferential Trade Agreement. He launched what has come to be known as India’s “Look East Policy”, linking India to many East and South-East Asian countries.
Under Narasimha Rao ji’s leadership, the Government launched the ambitious Ballistic Missile Technology Programme and successfully tested the Augmented Satellite Launch Vehicle (ASLV) and Polar Satellite Launch Vehicle (PSLV) in 1992, to bolster India’s external security programme.
In 1994 the first successful tests were done of Prithvi Missile and it was subsequently developed into intermediate range ballistic missile.
I am very happy to pay homage to the memory of the great son of India, who was a friend, philosopher and guide in many ways.
As I saw him from close quarters, he was truly a Sanyasi in politics. He was a modernizer who was steeped in our tradition and ethos.
He was a rare scholar and statesman who gave a new sense of direction not only to our economic but also foreign policies. His command over several languages was not just a linguistic capability. It made him truly a pan-Indian personality equally at ease in Karimnagar, Pune, Benaras and Delhi.
Homage to great son of India, a friend, philosopher and guide
Dr Manmohan Singh, former Prime Minister of India pays homage to late former PM, P.V. Narasimha Rao on his 100th birth anniversary today. P.V Narasimha Rao was the visionary leader and reformer who led India to the path of economic liberation.
My acquaintance with Shri P.V. Narasimha Rao dates back to 1988 when he was the External Affairs Minister, and I was Secretary General in the South Commission. We met each other when he came to Geneva during that time.
In 1991 on the day of the formation of the Government, Shri P.V. Narasimha Rao called me and said, “come, I want you as finance Minister”.
To many peoples’ surprise, I went to Rashtrapati Bhavan to take oath as Finance Minister.
Before accepting the post of Finance Minister I told Shri Narasimha Rao that I would accept that post only if I would get his full backing. He replied half jokingly : “you will have a free hand. If the policies succeed, we will all take the credit. If they fail, you will have to go”.
After the swearing in ceremony, the Prime Minister Rao called a meeting of opposition leaders. I briefed them. I got the impression that the opposition was stunned. Prime Minister gave me full freedom on economic reform.
The economic reforms did not happen suddenly. That historic change would not have been possible without the visionary political leadership of the time.
The first political leader to grasp the importance of re-orienting our economic policies, to accelerate economic growth with social justice, was Smt. Indira Gandhi herself.
Her initial steps were greatly taken forward by Shri Rajivji, who grasped the importance of the arrival of the new information age.
The Economic Reforms were preceded by a push in that direction in the second half of the 1980s by the Congress government under the leadership of Shri Rajiv Gandhi.
We must pay tribute to the boldness with which Narasimha Raoji grasped the nettle of economic reforms. When the Congress government was formed in 1991, under Prime Minister Shri Narasimha Rao, when I was the Finance Minister the economic reforms were initiated.
Under the leadership of Prime Minister Narasimha Raoji, we took momentous decisions both with respect to our economic policies and with respect to our foreign policy.
One of the significant aspects of the reforms we initiated was the unique nature of the Indian experience. We did not stick to a given formula.
I recall the meeting between Mr. Michel Camdessus, the then Managing Director of the IMF and Prime Minister Narasimha Rao. Narasimha Raoji told him that reforms in India would have to be mindful of Indian concerns.
We are a democracy. The interests of our working people must be protected. We told the IMF that we cannot allow a single public sector employee lose his job as a result of our structural adjustment programme.
I believe that we delivered on the assurances that the reforms would be calibrated to suit our priorities.
Prime Minister Narasimha Raoji brought realism to the fore in Indian foreign policy. He tried to improve India’s relations with neighbours. In 1993 Raoji visited China to alleviate some of the bitterness in the relations.
India along with other countries of SAARC signed South Asian Preferential Trade Agreement. He launched what has come to be known as India’s “Look East Policy”, linking India to many East and South-East Asian countries.
Under Narasimha Rao ji’s leadership, the Government launched the ambitious Ballistic Missile Technology Programme and successfully tested the Augmented Satellite Launch Vehicle (ASLV) and Polar Satellite Launch Vehicle (PSLV) in 1992, to bolster India’s external security programme.
In 1994 the first successful tests were done of Prithvi Missile and it was subsequently developed into intermediate range ballistic missile.
I am very happy to pay homage to the memory of the great son of India, who was a friend, philosopher and guide in many ways.
As I saw him from close quarters, he was truly a Sanyasi in politics. He was a modernizer who was steeped in our tradition and ethos.
He was a rare scholar and statesman who gave a new sense of direction not only to our economic but also foreign policies. His command over several languages was not just a linguistic capability. It made him truly a pan-Indian personality equally at ease in Karimnagar, Pune, Benaras and Delhi.
