Half-Lion : How P V Narasimha (PB)

n the early 1991, the Indian economy was going through its worst and egregious phase ever. In other words , it was in tatters- a total financial mess. A party was well positioned for power in next general election. However, the party had grown itself by tethering to a single family. Prosperity without it was unthinkable. The leader of the party was however assassinated. The reign of an imbroglio and fractured nation was then handed over to a seemingly unimpressive , harmless and powerless person. He was presented with financial predicament. This person neither had the charisma nor had the popular support. He neither controlled parliament nor his own party. He was always confronted by the dissidents within his party. Still, he had to operate in a fractious democracy with several limits on his powers. However unexpectedly, this underrated leader with his dexterity, wisdom, smartness, sagacity and cunningness , was instrumental in bringing changes which transformed economic dynamics of the nation, which not only put the nation back on track but also grew at impressive rate thereafter. Obviously he is Mr. P.V. Narshima Rao. He served for full five years . Despite odds, serving full term can be considered protracted. The irony is that he was declared persona non-grata by his own party who disowned him later, blaming him for some failures during his tenure. As one of his ex-colleague Salman Khurshid rightly pointed out that he is a tragic figure who is remembered for so much that went wrong but not for so much that went right. Still nobody can deny his rightful place in Indian history.What was the crisis all about? India’s foreign exchange reserves at that point of time could sustain only two weeks of import. The safe level is six times that amount. This had hamstrung Indian economy. India had plunged into external debt, lacking dollars to repay. Foreign lenders including IMF were withholding loans. Finally to overcome the current situation, gold had to be mortgaged.How was it created? Remittance from Indians working in Gulf region had dwindled due to Gulf war crisis, upshot of which was price of oil getting trebled. Due to political uncertainty in Delhi, there were some panic withdrawn of money , somewhere amounting to 900 million dollars. There were some reckless borrowing during Rajiv Gandhi years. These short term loans were due in early 1991. Moreover, the foundation of Indian economy was so weak that it was susceptible and vulnerable to such uncalled changes.What were the logjam that was making the economy sluggish? First , the economy was dominated by public sector enterprise and private entrepreneurs could operate in few restricted areas. Secondly, business house size was limited so that none can challenge the hegemony of Central government that is ruled by Congress. This was done by implementing various laws, which were made much more stringent during Indira Gandhi times. These were licenses, anti monopoly law, labour laws and nationalization of banks. As mentioned private sector was permitted to operate in few areas only and that too requires licenses issued by bureaucrats, who also determine how much these private enterprise can make and at what price. Labour law was meant to protect labours but on the contrary, companies began to hire few workers. Nationalization was done to improve rural credit which however starved industrial houses of capital. Anti monopoly law further curtailed the growth of the economy. Third, was isolating India from global market. To become self-reliant, protection from foreign competition became an integral part of government policies. This however reduced both flow of money and consumer goods. Furthermore, there were restrictions on the import of raw materials and technology , which Indian factories desperately needed. Exports were not profitable because the currency was artificially valued.The book is on P.V.Narshima Rao and yet in the last three paragraphs, he was not even mentioned once. You cannot appreciate and hold the man in high reverence, unless you know about the crisis and four decade policies that made Indian economy chronic and inimical.It was Jawahar Lal Nehru , who believed in socialism. Policies and decisions were highly influenced by his thinking. It was a nascent economy and his decisions still can be justified to some extent. However, in next decade, the world economic order was changing , more prominently in underrated East Asian nations. On her first stint as Prime Minister, Indira Gandhi who shared her father’s ideology failed to capitalize in favour of the nation. In contrast, her policies made Indian economy even more rigid. The socialist ideology that was being followed was not aligned with the reality and the harsh truth was that it had become quixotic and worthless. The ills of the economy were identified in early 1980’s. Rajiv Gandhi too was in favour of dismantling state control over the Indian economy but his reforms were just baby steps. Even he could not do it despite the fact that he had the highest mandate ever in Indian history.Now entered the scene was P.V. Narshima Rao. After taking over stock of the situation, he began to create a team that consists of his opponents within the party, who were appointed out of political compulsion. But his team in majority consists of aficionados, who had similar thoughts, belief , vision and disposition and one of them was Manmohan Singh, an apolitical person who re-wrote his name in the history as the best Finance Minister of India. Economists and experts have been pitching in for reforms in the last decade. The implementation however requires political backing. This was easier said than done. The duo had to overcome rigid Congress party, panicked industrialists , divided parliament and critics. To add to their woes, there were class of people who benefited from the existing economy and were very powerful like business houses, trade unions, rich farmers and in some cases politicians and bureaucrats too. Each policies were picked up , some changes were made in it , then made it look as if they have been piggybacking on Nehru’s Industrial policy. The fact was however just opposite. These were done without any fanfare. This ploy of using Nehru’s name as an exemplar ensured that at least his party was behind the revolutionary changes.What were the revolutionary changes? Industrial licensing except for industries was abolished. Public sector monopoly was limited to few sectors only. Anti-monopoly restrictions were eased and permitted level of foreign investments was increased.Babri Masjid demolition is one of the blots in his impressive career. This is one fiasco , where his party men were too eager to put the blame on him. The gathering of Kar-sevaks in large numbers was an insinuation of coming troubles. He was assured by UP government of adequate security measures. Then President rule cannot be applied on a State because of law and order had not failed prior to demolition. Moreover, all decisions were based on consonance. Demolition however, could not be prevented. When Sonia Gandhi became president of the party, the seed of hatred by his own party men was already planted in her mind. On the Babri Masjid issue, Mr. Narshima Rao was a subject of odium. Party disowned him and even after death, his funeral was denied in New Delhi.Prior to becoming the Prime Minister , he had bought with him wealth of political experience as Union Minister holding key portfolios like Home, Defence and Foreign, as well as Chief Minister of Andhra Pradesh. Let’s face it that he was not a rectitude and did display Machiavellian characteristics at times. Though allegation of JMM MP bribery , Enron and Harshad Mehta scam tarnished his image somewhat but he had to his credit , myriad number of achievements, the most revolutionary and sweeping being economic reforms. Apart from this, employment guarantee and food security social schemes were initiated during his reign. As we found out from the book ,his transformation of India was also extended to foreign policy and national security as well. Though he was mortified, and subjected to the jibes of his own party men but the fact is that it was nation’s destiny that he was there at the right time and at right position. It would not be right to say that History has judged him incorrectly. Had it been the case , we would not have read books on him and writing such reviews. Though disowned by his own party , BJP government built a memorial ghat for him in 2015. We knew about the economic challenges and decisions that facilitated quantum jumps. What difference author has bought here are hitherto unreported backroom discussions and scuffle. Narshima Rao and Manmohan Singh may be the face of the economic reforms but the author has also given due space to his other team members like not forgotten Naresh Chandra and Amar Nath Verma, who have made innumerable contribution . Also bought to the reading space is dirty , nasty, and murkier world of politics. The author has covered every key events right from pre-independence days. These events are put in chronological order too. It’s informative and extensive. Every aspect is covered. The subject matter deserves a reading and the author has done full justice to it.

For me, this book ticks all the right boxes for an excellent biography - for one,it is not hagiography like many biographies of public figures tend to be, two, it tries to say lot of things objectively about both the man & the times he lived through & three, it is highly readable, written in an anecdotal style, based on interviews with actual participants & on research & papers left behind by the subject himself. Narasimha Rao was perhaps one of the most learned persons to occupy the Indian PM's position (he could speak nine languages ), a voracious reader & a thinking politician. While his role in the liberalisation of Indian economy has been recognised, the lion's share of the credit has gone to his FM, Manmohan Singh. Sitapati sets out to correct this imbalance & he does a decent job of that. He identifies Rao's negative traits as lack of charisma & communication skills,but he feels that his reputation for dithering ('analysis until paralysis', 'when in doubt, pout' ) is undeserving. According to Sitapati, Rao's behavioral pattern as a public figure, viz. inaction, taciturnity etc are traceable to his formative years in office as CM of AP, when he rushed into an ill-advised land reform measure & lost office within two years.So, when after decades of serving as a minister handling various important portfolios in Delhi, he gets the chance to become a happenstance PM on the sudden death of Rajiv Gandhi, he is all caution & political sensitivity personified. Still, he was sagacious enough to see the gravity of the economic situation & by a stroke of genius, appointed Manmohan Singh, a technocrat till then, as FM, to take the strong & unpopular measures needed. As Sitapati describes minutely, it was Rao who provided the political backbone for those 'reforms by stealth' before an apathetic public & a sceptical Parliament & a restive Congress Party. In fact, he goes on to assess Rao as the most skilled PM since Jawaharlal Nehru & a 20th century reformer as consequential as Deng Xiaoping. The chapter on the Babri Masjid demolition,considered a major blot on Rao's career, tries to vindicate convincingly his role as a PM who had to choose between President's rule in UP in anticipation of the incidents & convincing the Hinduveta elements to desist from attacking the masjid. As a cautious politician, he opted for the latter & was deceived by Advani & co. & paid a grievous price.Rao's simple & reclusive life with a weakness for computers from early life offers a few surprises- he had carried on relations openly with two women outside wedlock at different points in his life. His uneasy relations with Sonia Gandhi, which ultimately cost him his career & legacy , are also analysed based on interviews of persons involved. On the whole, the book does full justice to a complex personality such as Narasimha Rao, aptly captured in the quotation from Machiavelli at the begining that a prince must imitate the fox & the lion. Hence, the title, "Half Lion ".