An episode from the year 1991 might ring a bell to many. This is how then Subramanian Swamy, a man who has been in almost all parties and now-a-days a BJP man turned into a BJP critic, a Commerce Minister in Chandra Sekhar's government, had this conversation with the US Ambassador to India.
This was during a very crucial time in early 1991 when the American led coalition forces were fighting the Iraq War and Indian economy was totally in shambles. The American Ambassador asked Dr. Swamy what India needed in exchange for refueling facility provided on Indian soil to the Gulf bound US planes fighting the Iraq war.
Here is how the conversation was reported. US Ambassador - "What do you want in return" ? Swamy said - "We want $2 billion because we are on verge of bankruptcy". The Ambassador replied, "You want it from the United States" ? Swami responded - "No, from the International Monetary Fund (IMF) and without any condition attached".
The Ambassador went on, "How can I get you money from IMF" ? Dr. Swami replied, "You have 87 percent voting right in IMF. So, if you want landing rights, then on Monday I want $2 billion". The American played hard - "Today already it is Friday". Said Swami, "In Washington DC it is still Thursday night. I know you have the ability to get it." (And unlike many believe that world leaders get ecstatic by looking at Mahaprabhu's white beard, we know in international matters it is always a give and take relationship. It invariably needs some negotiation and hard bargaining before a deal is settled).
So US gave India $2 billion and they were given the landing rights. We changed our non-alignment policy overnight. 2 billion dollar, even adjusted to inflation is not a gargantuan amount by today's standard, considering India a USD 3. 75 trillion economy and $600 billion plus in its Forex reserve. But it was no laughing matter then, when India's Balance of Payment position was extremely precarious and its coffer was on the verge of depletion. India with few hundred million of USD in its reserves and its gold mortgaged in a London Bank was staring at nightmare scenario of economic catastrophe.
Long rule by the Congress Party and its disastrous, leftist - socialist economy policy followed by years of classic Hindu rate of economic growth took us to the doorstep of impending bankruptcy. Yet it took another Congressman, incidentally not from the Nehru - Gandhi family to fix it. A huge credit for this transformation we are seeing 30 years down the road goes to one man, who almost retired from Politics, but became Prime minister of India by fluke on the aftermath of the tragic, untimely assassination of Rajiv Gandhi. He is the polyglot, erudite ex -Prime Minister of India P.V. Narasimha Rao.
Rao's contributions to India are many. Like all politicians he had his share of failures and shortcomings which is beyond the scope of this post. So, I will touch base with two of his significant achievements during his 5 year tenure as India's Prime Minister.
First, salvaging the economy from brink of disaster as I mentioned upstream and heralding era of economic liberalization, ending the Licence - Permit Raj and red tapism which for years hung like an albatross on India's neck constraining and contributing to its meager growth.
Two, solving the Punjab Problem which looked beyond solution when he stepped into his office in June, 1991 when Punjab was burning. Within months of becoming PM, Rao called elections in Punjab and managed to conduct one amidst fireworks of bullets and bombs. As we say in Odia, KANTA KU KANTA KADHE - A nail is needed to take out another nail. The Congress government that followed gave a free hand to the Super Cop KPS Gill whose motto was very simple - Kill a terrorist, earn a promotion. The Punjab police responded spectacularly by reaping bounties on the terrorist heads as bountiful as a successful Ravi crop harvest during the BAISAKHI (a popular festival in Punjab). By end of the year 1993, little more than two years after Rao taking office, terrorism in Punjab was a thing of past.
The man proved his mettle, carved his niche, vindicating that a leader can deliver sans histrionics in public. HAPPY BIRTHDAY to PV Narasimha Rao - Thanks to you, the country will never have to resort to mortgage its gold reserves once again.
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