Someone is sitting in the shade today because someone planted a tree a long time ago – this saying attributed to Warren buffet holds true in the case of Economic reforms, 1991.
History is a novel for which Congress is The Author: Congress has garlanded itself for presenting the industrial policy, 1991 on the floor of the house. Extending their acclaimed glory – it also claims that Dr. Manmohan Singh was The father of Economic Reforms. It’s pertinent to note that Dr. Manmohan Singh couldn’t repeat his reform magic from 2004-2014 when he governed the highest office in India.
Truth and Oil will come to its own surface : Attached herewith is the paperclip dated 19 July 1991 from The Indian Express wherein Mr. P Chidambaram in his capacity as MOS Commerce (1991) stated that “A specific proposal for expanding the REP system was included in a paper on export strategy prepared by the Commerce Ministry and considered by CCTI on Jan 25, 1991. The CCTI referred the paper to a group of ministers. A revised note was prepared on Feb 25 by the commerce ministry and was approved by the CCTI on March 11, 1991. I need hardly point out that commerce minister at that time Dr. Subramanian Swamy and the Prime Minister who presided over the CCTI meeting was Mr. Chandra Shekar”.
Apart from P. Chidambaram, another congressmen, Shri Jairam Ramesh in his book To The Brink and Back: India’s 1991 Story states the Chandra Shekhar’s Cabinet Committee on Trade and Investment (CCTI) itself had on 11 March 1991 approved a new export strategy which contained the main elements of the 4 July package
While the facts stated above are hardly a revelation since Dr. Swamy has independently shared this information earlier via his tweets
: Jairam Ramesh’s book also records that the first reform document was piloted through the Cabinet by me on March 11, 1991.
— Subramanian Swamy (@Swamy39) July 24, 2016
To conclude, Indian National Congress isn’t entirely saying the truth when they claim authorship of 1991 economic liberalization since two of their captains attribute the facts to favour Dr. Subramanian Swamy, then Minister of Commerce and Law and Justice as the key man behind Economic Liberalisation of India. In the matter of liberalization, Congress is proved to be economical with the truth.
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Dr.Swamy has been suggesting to do reforms post 1991 reforms from time to time. Unfortunately, from 1991-96 and 2004-14 credit was given to former PM MMS and PC as “world’s Financial Consultants” thus forgetting and denying credit to late PM PVN Rao and his trusted mentor Dr.Swamy on economic reforms. It’s true Cong-I is very economic in revealing truths because entire Nehru-Gandhi dynasty ruled us with Hindu names for 60 years now!
I came to know that Dr.Swamy classic economic formula is implemented in many countries, except in India!!! This shows our love for everything “phoren” and devotion towards white skin!!!
From May 2004 to May 2014 MMS remained as a non-performer!!! And presided over mega scams and as a under the table performing government’s Head for 10 unpardonable years too!! Of course Dr. Swamy caught all mega scammers but PM Modi remained unperturbed and kept on rewarding Arun Jaitly with FM, DM for some time and succeeded making “corruption a non-issue” in May 2019 elections! Sorry to say this. None punished and BJP neither helped Dr. Swamy nor acknowledged his success achieved solely!!
During first term, PM Modi and AJ assumed that they’re genius and pampered Cong-I cheats, chums and continued imported RBI governor/economic advisers (who abused Modi/BJP for 3 full years!!) Their qualifications were MBA done in US!! In India there are nearly 6 lakhs jobless MBA grads and top cream and talent is still available!!
Biggest issue with Modi-Arun combo was that always having “less than three percent fiscal deficit phobia” on 130 Crores population and hardly 13% savings!!!! Both these men kept lending rates of interest very high ! And broke the backbone of retired pensioners who survive mainly on interests received from their meager Fixed Deposits!!
During, the current 2nd term tenure under PM Modi, I do not think FM Nirmala Setharaman will do better. She’s given FM portfolio as a design to dole welfare measures during this years July 2019 Budget and not as a default based on experience / qualifications. In this regard, I do not agree with BJP/RSS putting age bar 75 on its vast party having talent and mental faculties still strong in over a dozen seniors to contribute something worthwhile on economic front.
After watching performances of Lawyer cum FM (PC/AJ) even Economist PM MMS or some grad in Financial management, I am convinced that these pygmies were good in Micro economics, doing good to foreign economies than doing good to Indian economy, uttering PM’s name innumerable times, following the dictates of IMF, WB, ADB et al and do not understand Macroeconomics.
Our PM trusts his ministers and do not understand nitti gritty and or nuances in Economics involving 130 crores population and aspiring to become “Viswa Guru”!! PM believes in emotive issues and banks on Rahul Gandhi Khan’s foul play to win elections!! PM’s present ministry, barring half a dozen, is not inspiring.
PM’s second term is very tough!
In the present cost of living a family with size 4-6 members need minimum INR 35k /month to meet the daily needs. In this regard the Govt. should relax the investment in FD and other financial products (which yeild a montly interst or pension to the tune of Rs. 35k ) to Rs.50lakhs without asking for any source of fund.
First let the Govt. Of India declare Sri Ram Navami festival as a National festival and declare two days holidays.. Then only the Nation will know the importance of Lord Sri Ram..
Congress claims the credit which should go to others and throws blames for any of its failure on others