PM on FM

By Vijay Kumar

The Prime Minister, Dr. Manmohan Singh released a book `A view from the Outside Why good economics works for everyone’ written by the Finance Minister Chidambaram. Quotable quotes from the PM’s speech.

++ Newspaper columns are not always meant for posterity. Many of them are forgotten even before the day is out!

++ However, some columnists deserve not just a wider readership but also deserve to be read by future generations.

++ They (Chidambaram’s articles) are intelligent, articulate critique of the government of the day and need to be studied by future generations for the insights they provide into our governance processes.

++ I have greatly benefited from Shri Chidambaram’s wisdom, acumen, experience and knowledge of the functioning of a modern economy.

++ He is undoubtedly one of the hardest working and most intellectually alive persons of the day.

++ I have always been impressed by his energy and enthusiasm, and his deep commitment to his work.

++ We have been colleagues in Government in the past. He was a great source of strength and support for me in 1991, during the early years of economic reform and liberalization.

++ In fact, apart from the fiscal stabilization we had to undertake in the Ministry of Finance at that time, an important aspect of reform was of the external sector and in the realm of trade and he was an enthusiastic partner in this process.

++ Even the most ardent of reformers find it difficult to obliterate their own empires of power and patronage. But that is what Chidambaram did as Commerce Minister.

++ I think he was one of the few ministers who presided over the shrinking of his own ministry, disproving the usual notions of political economy that all politicians and bureaucrats aim to expand their personal empires!

++ He closed down sections of the ministry that had been rendered redundant by the trade and industrial policy changes we had initiated.

++ He remained committed to our agenda of fiscal reform even after our Government changed and he became part of the United Front Ministry. I think it was his budget of 1997 that was called a `dream budget’

++ Being in opposition is always a good thing for politicians. It is a humbling experience. It is also a time to reflect on the policies practiced when one is in power, their positive and negative repercussions and the course corrections that may be needed.

++ It is a time to observe the working of another government which has come to office after having defeated an incumbent and try to understand whether they are able to put their chance in office to good use.

++ While not all politicians put the spare time to good use, this book tells us that Chidambaram certainly did so.

++ It is clear that during the period he was out of government, he had the time to reflect on issues of social and national concern.

++ I think those who are now in opposition should learn from the way Chidambaram handled spare time on his hands and make better use of their time.

++ Though I am not sure how may of them can write as well as Shri Chidambaram does, and write so intelligently.

++ Few can match his knowledge, wisdom, experience, humour and the ease of expression.

++ He is a great asset and the country will need his services for a long time to come.

When he is out of power PC is also a smart and busy lawyer in the Supreme Court apart from writing.

A couple of quotes from PC’s speech at the Infosys Silver Jubilee function may be worth recalling.

++ My first brush with the State was when I applied for foreign exchange to join the Harvard Business School. Everyone denied me the exchange, although the HBS had granted me admission. Finally, thanks to the kindness of a gentleman called the Chief Controller of Foreign Exchange who gave me a grand allowance of $ 7 a day to pay for my board, my food, my personal expenses for 10 months in a year irrespective of the fact whether I had a place to stay or food to eat for the remaining two months and this opened my eyes because there was something fundamentally wrong about the way we organised our affairs in the country.

++ I was introduced to a gentleman who introduced himself as the Chief Controller of Imports and Exports. I asked him, little knowing that within a month, I would become his Minister: I understand why you are the chief controller of imports, but please tell me why you are the chief controller of exports? He had no answer and within a month when I was his Minister I told him I am abolishing your post.