Financial Daily from THE HINDU group of publications
Friday, Dec 24, 2004
Financial Daily from THE HINDU group of publications Friday, Dec 24, 2004 |
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Industry & Economy
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People Government - Politics Chidambaram says Rao was the invisible hand that guided reforms Our Bureau
New Delhi , Dec. 23 THE Finance Minister, Mr P. Chidambaram, has expressed his deep grief on the death of former Prime Minister Mr P.V. Narasimha Rao. In his condolence message, the Finance Minister described Mr Rao as an astute political manager who, despite being just short of majority in Parliament, managed the political contradictions while steering the economic reforms. The Finance Minister stated that Mr Rao became the Prime Minister at a crucial moment of India's history, especially India's economic history. No other Prime Minister was confronted with an acute financial crisis such as the one that hit the country in 1991. However, Mr Rao was resolute, strong-willed, clear-headed and decisive, Mr Chidambaram added. Mr Chidambaram also highlighted that "Mr Rao relied upon his Ministers and Economic Advisors. He strongly relied on the advice of Dr Manmohan Singh, the then Finance Minister. "He gave Dr Singh and his colleagues the freedom to take difficult decisions. I remember that whenever we presented him with a decision he would ask: `Are you sure that this is the right decision to take in these circumstances?' and if we said that it was the right decision, he would give the go-ahead for the decision." Mr Chidambaram said that when the story of India's economic reforms is written, history would record that the invisible hand that guided the reform process was that of Mr Rao.
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