Former Union Minister and the policy point man of the Congress top brass, Jairam Ramesh, has broken the shackles of trepidation to heap encomiums on the once-mighty PV Narasimha Rao.

Thanks to PV Narasimha Rao, it is now almost a quarter of a century since economic reforms were ushered in to change the dynamics of India in every sphere of life.

Former Union Minister and the policy point man of the Congress top brass, Jairam Ramesh, has broken the shackles of trepidation to heap encomiums on the once-mighty PV Narasimha Rao, who is credited with extricating India from the brink of a financial collapse, through his book, To the brink and back – India’s 1991 Story, slated for release on August 30.

As the IIT Bombay-Carnegie Mellon-MIT alumnus with hands-on knowledge of economy and technology policy Jairam himself puts it: “1991 was India’s Greece moment . It faced an unprecedented financial crisis against the backdrop of political uncertainty and crumbling investor confidence.”

In less than 35 days of assuming office, P V Narasimha Rao, who ran a minority government, worked wonders. He teamed up with Manmohan Singh, whom he appointed the Finance Minister of India, by aggressively pursuing economic reforms that changed the economic DNA of the country.

As an observer from a close proximity and a participant in the process, Jairam Ramesh has chosen to present a graphic account of what actually went on and the twists and turns in the saga of fiscal freedom through his sixth book – “To the brink and back – India’s 1991 Story” , marking the silver jubilee year of the reforms.

In the book, published by Rupa Publications India, Ramesh, who has packed it with documents, personal papers of Narasimha Rao and private conversations between Rao and Singh, told Firstpost in a not-so-candid interview that his book reveals Narasimha Rao as a scholar. He chose to be politically correct while answering a few queries like whether the Congress has done justice to Rao and whether Manmohan Singh, as the helmsman, was able to carry forward the reforms.

Excerpts from an interview:

A few days before the launch of your book , To the Brink and Back – India’s 1991 Story, do you think Modinomics is working or are they pushing India again back to the brink?

I don’t quite understand Modinomics. What I do know, however, is that the essentials as initiated by P V Narasimha Rao and Manmohan Singh almost a quarter of a century ago have remained intact. I don’t think we are headed to the precipice like we were in 1990 and 1991. The fundamentals of the economy after a growth of almost 7.5% per year between 2004 and 2014 remain strong and resilient.

What do you think about the statement of P V Narasimha Rao, especially during the NDA’s first stint between 1998-2004, that those were not the form of reforms that he had envisaged?

Narasimha Rao and Manmohan Singh both were against aggressive privatisation of the type initiated by Arun Shourie. Their approach to privatisation was pragmatic whereas Shourie's was ideological.

As an insider, you indeed had worked closely with PV Narasimha Rao’s team, especially as an advisor to the Deputy Chairman of Planning Commission. How did you find yourself in the role of an advisor to P Chidambaram in the United Front Government? Do you think, the UF continued the economic reforms in the form in which Rao wanted them to reap benefits for India?

The UF was a messy coalition and lasted no more than 18 months. But it did take economic reforms forward. Direct taxes were reduced significantly. TRAI was established. The process of dismantling the administered price mechanism in petroleum products was begun. The concept of navaratnas was introduced to make the public sector more globally competitive. New exploration licensing policy was introduced for hydrocarbons. A Disinvestment Commission was set up. Irrigation received a special focus.

Do the personal papers of Narasimha Rao, which you are going to reveal in the book, enhance his prestige or would they trigger a controversy, especially when there is none around to take up cudgels on his behalf and defend his stand?

They will reveal him to be a scholar. There will be no controversy. In fact, my entire book will reveal Rao in brilliant light as the man who along with Manmohan Singh revolutionised India's economic policy.



As a senior Congress leader, do you think have India and the Congress done justice to the legacy and memory of PV Narasimha Rao?

My book is not a comprehensive biography of Narasimha Rao. It focuses only on the time I worked with him and in that period he provided decisive leadership. He actually took bold decisions and supported Dr. Manmohan Singh fully.

Was Dr Manomhan Singh able to effectively carry forward the reforms in his decade-long regime?

That will have to await another book.

Jairam Ramesh – author, economist, thinker, politician or a trouble-maker?

All of the above, except the last. Or, if I may say so, trouble-shooter perhaps, but definitely not a trouble-maker.