Saturday, 16 June 2012

Dr.Y.V.REDDY MUST BE OUR NEXT FINANCE MINISTER





Dr.Y.V.Reddy,Former Governor of RBI must be our next Union Finance Minister.

With the nomination of the present Finance Minister,Mr.Pranab Mukherjee to contest for the post of the next President of our country, the election remains a mere formality and his elevation as President is almost a certainty.

Even before he files his nomination and relinquishes his post as Finance Minister, speculaton is ripe in many quarters and names like that of C.Rangarajan,Montek Singh Ahluwalia,P.Chidambaram,Jairam Ramesh,Anand Sharma,Sushil Kumar Shinde and Veerappa Moily to succeed him are doing the rounds and making much noise at newsrooms,both print and electronic media besides power centers.


Sri.P.V.Narasima Rao while appointing Dr.Manmohan Singh as Finance Minister in 1991 gave full freedom to him to implement the economic reforms when the country was not yet ready to accept the same, since as per the preamble of our constitution we were and are still a  Sovereign Socialist Secular Democratic Republic. Dr.Manmohan Singh could implement the same under proper leadership and guidance by a farsighted visionary and he had it in abundance  from PVN,which is lacking in him today. In his earlier avtar as Finance Secretary,RBI Governor or as Secretary of South South Commission,Dr.Singh was a socialist by profession and never a reformist in intent (Pro Market Economist). THE REAL REFORMER was P.V.Narasimha Rao (Who was never given his due & credit neither by his party nor by the media), who coined and added the phrase for the reforms to  have a  HUMAN FACE/TOUCH and must be for the benefit of all rather than for a few to make them ultra rich as is being made out now. He also made famous his doctrine of not taking a decision at times is  itself as the best decision. 

We now need a Finance Minister who can act fearlessly and with single minded devotion of protecting the national interest alone rather than the interest of the few. We need a Finance Minister who will not be cowed down,or bullied,blackmailed,misled or being dictated by self serving media analysts or acting as experts at the behest of rich industrialists or as agents of interested groups to manipulate policy framework in the name of stake holders to control their own interest by manipulating the interest rates to their own interest & advantage and forgetting the real stakeholders like consumers & common citizens

However, all of us have seems to have forgotten one  person and his name that is most suitable to hold this most coveted,difficult post is none other than our former Governor of RBI Dr.Y.V.Reddy,who steered our country from the Global Financial Meltdown and taken preemptive policy actins in spite of widespread criticism from almost all quarters and particularly from the vested interests. Foreseeing the sub-prime type crisis in our country, he took very bold and courageous decisions to protect our economy from collapsing and got our country insulated from the global crisis.He had full grip both on the inflation and growth front and never got influenced neither by the India Inc or by the ministry.He discharged his duties and responsibilities unmindful of the criticism. He never sought any advice or excuses for doing his duty in the larger interest of the economy and the nation. Growth was there even at higher interest rates and  interest of depositors were never compromised and credit was available for the needy and restrictions were there for speculators and for unproductive purposes to avoid filing up of NPAs.He got appreciation the world over for his foresight and timely actions.Nobel Laureatues in the US had high praise for his stewardship and went on to the extent of saying " Had we(US) got a person like Dr.Y.V.Reddy heading the Federal Reserve,US could have avoided the sub-prime crisis.

So, in the fitness of things and the ongoing Euro debt crisis, out of control inflation,lower growth rate & depreciating rupee,Dr.Y.V.Reddy would be the best choice as the next Union Finance Minister to succeed Mr.Pranab Mukherjee and steer our country into the right path with larger public interest in mind and action.