When India’s economic history is written, may be 50 years from now, quite a few names will definitely figure in it. Right from TTKrishnamachari, Moararji Desai (Bank Nationalization), Dr Swaminathan (Green Revolution), Dr Kurien (White revolution), Dr. Manmohan Singh ( as the initiator of open economy) to Mr Palaniyappan Chidambaram are sure to be mentioned, because of their singular contributions. While the initial names remind one of the regimented, controlled economy we had, the last two names are the ones which will get wider coverage. 5 decades from now, when India will be one of the Global powers directing the economic fortunes of this world, the last two names will definitely get chapters on them not just paragraphs. Of course the visionary PMs who had who permitted their respective Finance Ministers and scientists to excel will also be mentioned. Pndt Jawaharla Nehru (Five Year Plans, Steel Industry and Hydel Projects) Indira Gandhi, the much maligned P.V.Narasimha Rao and Mr Manomhan Singh himself as PM will deserve special mention. I have not forgotten the most talented Reserve Bank Governors,like Dr C Rangarajan,Bimal Jalan, Y.V.Redyy etc.

But in the whole group,there is one name which I would vote to be mentioned in a class of his own. The man who realized the potential of the Indian economy, the man who realized that amnesty and simplification will bring in more of compliance. Yes, I am referring to the present Finance Minsiter, Sri P.Chidambaram,who with his tax amnesty scheme, simplified tax laws, reduced and much more friendlier tax rates ensured that over Rs 30,000 crores worth of undisclosed Income came into system, Direct Tax collections exceeded the estimates, and Fiscal accountability became a reality. Even the current year’s budget presented by him displays a studied balance between financial give aways and financial prudence. The impact of the Rs60,000 crores write off of Agricultural Debt may result in financial proligacy but the positive impact it is goingto have in Agricultural segment of the economy, and thereby to the country’s economy is going to yield results in the long run.

Lets hope, irrespective of the political spectrum developing after the next general elections, PC continues to play a role in shaping India’s financial and economic fortunes for another five more years. A wishful thinking, but yet a dream I would like to dream.

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