STEERING INDIAN ECONOMY: ONE JOURNEY ENDS, ANOTHER CONTINUES

The journey that started in 1991, though interrupted a few times, continues today

- P. CHIDAMBARAM

ment, but he seems to have blended with the environment-controls and regulations, dominance of the public sector, protectionism, licences, permits and quotas, suspicion of the private sector, wariness about foreign trade especially imports, and all other incidents of a closed economy. There is no evidence that Singh rebelled against the economic policies of the day.

His tenure at the South Commission seems to have brought about a revolutionary change in his thinking and outlook. In a sense, it was a preparation for his work after 1991.

Singh's opportunity came when he was appointed-literally out of the blue-as finance minister by Prime Minister P.V. Narasimha Rao. There is an anecdote that he did not believe P.C. Alexander when he was told that he would be appointed finance minister. He was sworn in the next day; those of us who were present on the occasion wondered-though we knew him by name and face-what responsibility would be given to the blue-turbaned, soft-spoken, elder-looking gentleman.