P.V.Narasimha Rao Centenary 1921-2021

P.V.Narasimha Rao Centenary

1921-2021

P.V.Narasimha Rao's dead body was at the gates of Congress party Head Quarters at Delhi, waiting for the gates to open. The day was 23rd Dec 2004. But the orders from 'top' never came and the gates were never opened! After thirty awkward minutes, the cortege  was taken to airport for taking the body to Hyderabad for cremation. It was customary to place the bodies of past Congress Presidents at the Congress Party Head Quarters in Delhi, to enable party workers to pay their homage.  But not only this honor was denied to Rao, but a memorial in Delhi was also denied for the departed PM by the 'power center' which was at the helm during those days!

When P.V.Narasimha Rao became the accidental Prime Minister of India during 1991, India was in the midst of a worst crisis.  Countries economy was in doldrums, license raj and restrictions had tied the hands and legs of our entrepreneurs and terror was ruling high in Punjab and Kashmir. Rao never had a political base of his own. He headed a minority Government and was mistrusted by his own party people.  Still 'Chanakya of Indian Politics,' managed all these challenges admirably to reinvent India, at home and abroad.

When Rao took over as PM, our Country had meagre reserves of foreign exchange. Rao had cleverly chosen Manmohan Singhji as his Finance Minister.  Rao devalued Indian Rupee to an extent of about 25%, which became the launch pad for further reforms that followed. New Industrial Policy, the abolition of license raj, paving way for Foreign Direct Investment (FDI), establishment of SEBI and NSE paving way for an active market, liberal licenses grant to new entrepreneurs to establish their business and many more reform steps were initiated by Rao, which virtually provided a paradigm shift for Indian economy to move away from the Nehruvian model.

We bankers fondly remember the launching of new generation private sector banks like the ICICI Bank, HDFC Bank etc. as a result of Rao's liberalization policies.  Also the Indian software companies like Infosys, TCS grew by leaps and bounds as a result of Rao's reforms. Vajpayee, Manmohan Singhji and even the present PM Modi have just followed the footsteps of Rao in steering the economy of our Country. Rao richly deserves the title of 'father of Indian Economic Reforms.'

Not many know that Rao may also be called as the 'father of Indian Nuclear Power.'  During the end of the year 1995 itself, Rao was planning for the 'nuclear test,' but had to abandon the plan because of pressure from US.  But the selfless statesman, Rao passed on the nuclear baton and the useful tips to his successor Vajpayee who successfully conducted the nuclear tests during 1998.

Rao also scripted the end of two decades long terrorism in Punjab during his regime.  His handling of terror in J & K is also admired by many discerning viewers. 

The fall of Babri Masjid during the end of 1992 and the riots that followed became a black mark in his stint as PM. 

Managing a minority Government was a big challenge for Rao.  Corruption charges levelled against him while managing the confidence vote for survival of the Government is another black mark on his career. Harshad Mehta stock market scam also occurred during his regime.

Rao was an 'unsung hero' both during his life and life after. He was the most deserving candidate for the 'Bharat Ratna' award.  But neither his mother party nor the BJP have bothered to confer it on him.  But nothing prevents many from rating him as the 'best Prime Minister, India ever had.' Long live the memory of P.V.Narasimha Rao!

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