MS Shanker
P.V. Narasimha Rao, the man who saved India from economic collapse in 1991, remains one of the most underappreciated leaders in the country’s history. Despite being a lifelong Congress loyalist and a Prime Minister who carried the nation through one of its darkest periods, Rao has been denied the recognition he so rightfully deserves. The Congress Party, which he served with unwavering dedication, has failed to honor him with a fitting memorial—a glaring oversight that speaks volumes about the selective acknowledgment of its leaders.
What makes this neglect even more troubling is the stark contrast in how the BJP chose to acknowledge Dr. Manmohan Singh, Rao’s Finance Minister, by considering a memorial for him. While Singh played a pivotal role in implementing the reforms of 1991, it was Rao who displayed the audacity to take the monumental decisions that set the stage for India’s economic revival. Why has the Congress Party failed to bestow the same respect on Rao, its own member and one of its most loyal stalwarts?
Rao’s legacy is inseparable from the story of India’s economic liberalization. In 1991, India was on the verge of bankruptcy. The treasury was so depleted that the nation had reserves to sustain itself for barely nine days. When Rao asked Manmohan Singh for solutions, Singh proposed a drastic measure: a 20% devaluation of the rupee. Singh warned, however, that calling a cabinet meeting would make it impossible to secure approval for such an unpopular move, as ministers would be guided by vote-bank politics rather than the national interest. It was Rao, not Singh, who bore the burden of making this audacious decision.
After a brief pause, Rao dismissed Singh, only to send him a note minutes later with a single word: “Done.” Singh, shocked by Rao’s decisiveness, returned to ask what had prompted him to take such a risky step so quickly. Rao revealed that he had consulted opposition leader Atal Bihari Vajpayee, who, rising above political rivalry, endorsed the decision in the national interest. Vajpayee’s statesmanship, coupled with Rao’s resolve, allowed India to avert an economic catastrophe and set the foundation for the economic liberalization that transformed the country.
Yet, history often forgets the leader who shoulders the ultimate responsibility. While Manmohan Singh has been celebrated for his role as Finance Minister, the Congress Party has sidelined the man who empowered him to act—the very architect of those reforms, Narasimha Rao. Rao’s bold decisions were not just political risks; they were acts of patriotism that prioritized the nation over his party’s immediate interests. He knew the reforms could alienate Congress loyalists, yet he moved forward with unwavering determination.
By denying Rao a memorial, the Congress Party diminishes its own legacy and sends a troubling message about how it values loyalty and leadership. Rao’s contributions extend far beyond economic reforms; he exemplified the courage and vision that true statesmanship demands. His memory deserves more than obscurity—it deserves a place of honor befitting a leader who shaped the destiny of modern India.
It is high time that Narasimha Rao’s name and legacy are etched into the annals of Indian history, not just as a Prime Minister, but as a visionary who put the nation first. A memorial would not only honor his extraordinary service but also remind future generations of the leadership that transformed India.
