On The Turnpike  by TCA Srinivasa-Raghavan; Published by Academic Foundation ; Pages 101; Price Rs 1500/-

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                                       TCA Srinivasa-Raghavan is a well-known analyst whose columns have adorned several financial dalies. He had a role to play in Third volume of R B I History. The book under review is a “Coffee-Table book" brought out by the Finance Ministry on the occasion of the Indian Economic Service completing fifty years.One must say the Ministry of Finance has put no restraint on the author.

                                           The members of the I E S  have displayed professionalism, commitment to duty and intellectual incisiveness. They have ably translated abstract intellectual and theoretical ideas into practical policy alternatives.

                                            The  I E S was founded in 1961, at a time when India was attempting to enhance the development process and attain self-reliance. The service brought economic theory  closer  to practice.

                                          Dr.Bimal Jalan poses two problems for the I E S. One is to ensure delivery of services like the public distribution system, water availability, provision of electricity. Health services, etc. The second one is why India’s Human Development Index is among the lowest despite a growth of 8 to 9 per cent. He recommends I E S  for the states. 

                                             The book begins with the text of the note prepared by the  Secretariat seeking Cabinet approval to the constitution of an Economic and Statistical Services. The dissenting views of Prof.P.C.Mahanalobis is also covered. We learn why the two Services were not combined.

                                 Analysing budgets,the years  1947-1957 are accurately described as “The Age of Innocence”—when we had fiscal rectitude and  balanced budgets. The Finance Ministers were Shanmukham Chetty, John Mathai and C.D.Deshmukh.The next decade transformed India into a laboratory of economic experiments. The showcase was held up to the world with pride. The successor to Deshmukh was  T T Krishnamachari—TTK—acerbic, arrogant and brilliant. He was the father of the Industrial Policy Resolution of 1956, the founder of Development Financial Institutions such as IDBI and ICICI. A colourful description is given of  TTK’s guru  Nicholas Kaldor—a fiscal Robinhood strongly believing in redistribution. TTK was his Friar Tuck. Kaldor proposed Capital Gains Tax, Wealth Tax, Gift Tax and Expenditure Tax. TTK's budget created a storm of protest and he had to quit—thanks also to LIC  and  Mundhra.

                                          The next six budgets were presented by Morarji Desai—an able consolidator, rationalist and administrator.He reclassified the Budget making it a premier document adopting clear presentational methods. The early sixties saw India suffer ignominious defeat at the hands of the Chinese and the economy was in disarray. TTK  staged a come-back and tried to set the economy on a course which would encourage investment, raise savings, solve the balance of payments problem and in general restore confidence by reducing the rigours of brutal taxation.

                            In a space of twenty years India lost two Prime Ministers, fought two wars and grappled with a major drought.We had a 'Crisis Incarnate'.It was a 'Lost Decade'.Then came Indira Gandhi and a new dawn.

                                Historically the next defining period was 1970-1979.Morarji raised overall level of taxation, tightened import controls. The foundation was laid of the 'Quota-permit control Raj'. Indira who presented the budget used it as an instrument of politics. From 1970-1974 the economy turned sharply left. Indira set the tone as she presented the 1970 budget.

                The fiscal crisis of 1973--1974 acted as a damper on the redistribution zeal  of government. Y.B.Chavan presented a mini-budget aimed at eliminating inflation,cutting expenditure by direct and indirect means. The budgets of the emergency years revealed caution and good housekeeping. By 1979 thanks to high oil prices and inflation the good work of the previous five years was undone.

                     During the period 1980-1990 government pursued growth through heavy deficit financing ignoring structural reforms, By 1981 a huge loan was obtained from the I M F  which led to some stability.

                   The budget of Pranab Mukherjee--1982-1983 accelerated the pace of import substitution, increased exports and enlarged remittance facilities.Rajiv Gandhi gave impetus to growth, cut taxes, liberalised imports and eased rigours of industrial licensing. The huge drought of 1987 madeIndia to go in for large imports. India was obliged to mortgage its gold to the Bank of England and impose severe import  restrictions.

                                         The gradualist pace of reforms changed the rate of growth from 4 percent before the 1980s to 8 percent since 2004. Dr.Manmohan Singh devalued the rupee in two slabs of 16 and 6 per cent, slashed export subsidies and almost abolished industrial licensing. His liberalisation of trade and investment, financial sector reforms, privatisation made a real impact on the economy.The 2008 global financial crisis had no impact on India.

                                 This is an outstanding work both visually and intellectually. We have exquisite portraits in black and white--sure to evoke nostalgia in all of us. TCA Srinivas-Raghavan's capsule history is an achievement by itself. His racy chatty style adds to the charm of this remarkable volume.

P.P.Ramachandran

29-04-2012

Emerging India by Bimal Jalan ; Published by Penguin / Viking ; Pages 307 ; Price Rs. 599/-

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                                                       India is ruled by an ex- R B I Governor and ex-Finance Minister. The P. M’s Economic Advisory Board is headed by another ex-RBI Governor.  Yet the nation is teetering on the precipice of economic decline with a reduction in annual growth and burgeoning inflation. Why --with such a fund of expertise?  The book under review is an attempt to solve this riddle.

                                                       Dr.Bimal Jalan was a distinguished Governor of the Reserve Bank from 1997 to 2003. He became a nominated member of the Rajya Sabha. Apart from serving as Chairman of the Economic Advisory Council to the P.M, he has held high positions in the Planning Commission, in several ministries and represented our country in the Boards of the I MF  and  I B R D. He has written a number of books, noted for their clarity, conciseness and clear grasp of the problems that plague the nation. His is a voice to be heard with respect.

                                                       The book under review is a collection of his selected papers, lectures and a few unpublished notes— relating to  1990 to 2010.They provide a bird’s eye-view of the evolution of India’s politics, economics, governance and economic reforms and the lessons for tomorrow. India could boast a couple of years ago of a high reputation as a democracy and a growing global power. But today it is riddled with reports of ever-widening corruption, misgovernment and utter despair about the working of its political system. Our future is a big question mark!

                                                          In the last two decades India displayed a capacity to grow faster than ever before, eliminating poverty to a considerable extent. Certain reforms seem imperative now to ensure future success. According to Jalan the main areas of concern are the growing disjuncture between economics and politics and the emergence of a “Public-Private ” dichotomy in the growth trajectory, diminishing accountability of the Executive to Parliament, rising corruption, the preponderance of criminal elements in politics and the emergence of small regional parties in multi-party coalitions.  There is a definite decline in the quality of public administration at all levels. Economic disparities have enlarged and pose a serious threat to unity.

                                                The book is divided into four Sections. The first Section, with five articles, concentrates on political issues that cry for a solution to ensure that India retains its position as a global power. In view of the so-called “Compulsion of Coalition” our political system is characterized by features not thought of by our Constitution makers. Governments have become non-accountable. Inner party democracy is non-existent. Political corruption has become rampant. An Independent judiciary is unable to deliver justice swiftly due to heavy backlog of work. There is a compulsion to create an efficient and transparent administrative mechanism at arm’s length from Government as also a need to simplify procedures. Ministries ought to be made more accountable.

                                                        The next Section is on India’s economy, policy and prospects and has six essays. India’s emergence as a global power is due to our competitive advantage in providing skill-based services to the rest of the world—thanks to the infrastructure of technological institutions, skilled workers and low labour costs. One paper analyses the impact of Globalisation on India .

                                               

                                                        The third Section on Money, Finance and Banking is the meatiest part of the volume and has seven articles discussing in depth our management of the financial sector during the Asian Crisis and later. Banking ethics are also scrutinized. Jalan suggests that India must remain in the forefront of global regulatory norms to ensure soundness of international banking system. Revolutionary changes in banking and consequential impact are analysed succinctly. The economist strongly supports sustained growth with financial stability. Exchange rate management ought to be in the form of a flexible but managed one. The I M F has declared our policy as realistic and competitive.

                                                    The concluding Section has seven pieces on India’s economic reforms. Three of these articles relate to 1974 and 1975 and have a historical value. We must accelerate the pace of banking reforms leading to efficiency of operations and reduction of costs. India must adopt global best practices in financial sector regulations and adapt these to domestic environment.

                                                        Why was India’s reform process during the last forty years limited in scope?. These are answered in the article, “The Politics of India’s Reforms”. What can be reformed and what cannot be gets determined politically. “Compulsion of Coalitions” affects economic reforms. Corruption has enveloped every sector and is a serious threat to the security and well-being of the citizens and is an affront to democratic values. The Lok Sabha has 100 members with proven criminal records.

                                                             Jalan concludes on an optimistic note. India has the capacity to realize its full economic potential and become one of the fastest growing countries. This book is a sterling contribution to making this possible.

P.P.Ramachandran

6-02-2012

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Bismillah Khan ---the Maestro from Benares by Juhi Sinha ; Published by Niyogi Books; Pages 176   ; Price Rs.795/-

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                                        The author of this book is a renowned film-maker and writer. She has presented several programmes  on Doordarshan. Her last book “Beyond the Dunes ..” dealt with Rajasthan. The volume under review is the transformation of her film “Bismillah and Benaras ” into a book. And what a fascinating and lovely book !.

                                        When Sinha met Bismillah Khan for the first time he was ninety years old but his memory was sharp, his anecdotes crisp and his words painted a vivid picture of Benaras and its people, its unique celebration of music, dance, festivals and a deeply ingrained sense of the  joi-de-vivre that was the hallmark of Benaras culture .

                                       Bismillah Khan was born in Dumraon, Bihar . Dumraon is famous not only for Bismillah Khan but also for being the place where a special kind of reed, the narkhat , grows wild. These reed frets are transformed into shehnai—even today. His ancestors were court musicians and used to play in the princely state of Bhojpur in Bihar . His father was a shehnai player in the court of Maharaja Keshav Prasad Singh.

                                       Bismillah Khan was sent to Benaras when he was  less than six years old. He grew up in the house of his maternal grandfather Rajat Ali in Benia Bagh. All his uncles were shehnai players and were attached to temples. His youngest uncle, Ali Bux played every morning at the holiest of holies—the Viswanath Temple. In addition all were proficient singers. Bismillah Khan himself had a mellifluous voice.

                                        Bismillah Khan ’s recollections of his childhood were vivid--the sweets of Benaras and its people. He was given a shehnai to practice when he was seven or eight—the journey continued for the next eighty years. He began practising in a room in a temple near the Balaji temple. His grandfather in Dumraon taught him to roar like a lion and impressed on the boy the importance of lung power. The youth joined an akhada  and strict adherence to exercise and diet control gave him power and strength so that his music poured forth into sonorous tones. Daily riyaz would last eight hours. His pristine classicism was more inclusive than usual. It included chaiti , kajri and jhoola, semi-classical forms noted for earthiness and sensuousness.

                                         Even at a young age Bismillah Khan  experienced  the transcendental quality of music—where music is divine. He had mystic experiences. He had the vision of a “Baba”---who he believed was “Balaji Viswanath” himself.

                                         His creativity was greatly influenced by mehfils  --small audiences characterized by personalized response and appreciation. The singers of Dal Mandi too had influence on him . His first appearance was at the Allahabad Music Conference in 1930. His uncle who was the main artist gave him a chance and he gave the notes a style and quality all his own. At an early age he got a gold medal at the Akhil Bharatiya Sangeet Sammelan. Awards and acclaim followed in quick succession.

                                       He got married at sixteen to his uncle’s daughter. The couple had five sons and four daughters. Bismillah had a large picture of Saraswathi to whom he would pay obeisance. Though a pious Shia Muslim, he was also, like many Indian musicians, regardless of religion, a devotee of Saraswati  and often played at Hindu temples, including the famousViswanath Temple Varanasi, on the banks of the Ganges . He believed in tapasya-- to efface the self to music and the guru.

                                      It was Bismillah Khan who transformed single- handed the humble shehnai—a common wind instrument into an instrument of stature, one whose music is celebratory, sublime and supreme. He is one of the finest musicians in post-independent Indian classical music and one of the best examples of Hindu-Muslim unity in India. He played shehnai to audiences across the world. He was known to be so devoted to his art form that he referred to shehnai as his begum  after his wife died. On his death, as an honour, his shehnai was buried with him.

                                     When India gained Independence Jawaharlal Nehru ensured that it was heralded by the strains of Bismillah Khan’s shehnai—which he played from the Red Fort on the eve of India's Independence in 1947. He also performed from the Red Fort on the eve of India’s first Republic Day ceremony, on January 26, 1950. His recital had become a cultural part ofIndia's Independence Day celebrations telecast on Doordarshan every year on August 15. After the prime minister's speech from Lal Quila, Doordarshan would broadcast a live performance by the shehnai maestro. Happily he played on the 50th Independence Day celebrations. He played the instrument for the film “Goonj Uthi Shehnai” and some years later for A.R.Rehman for the film “Swades”.  Honorary Doctorates have been conferred on him by the Benaras HinduUniversity and the Viswabharati University. He bagged all the three Padma awards and the ultimate Bharat Ratna. Other awards included Sangeet Natak Akademi Award, Tansen Award and three medals in All India Music Conference, Calcutta. At the age of 16 he got the  award as the "Best Performer" in the Allahabad  Music Conference .

                                   The book gives an insightful look into the home and heart, muse and music of one of the greatest artists that India has ever produced. It traces Bismillah Khan’s journey from the small town of Dumraon to Benaras and  to the world. It follows him as he grows from child to man, shagird to ustad and pupil to legend. It lovingly portrays the whims and foibles of Bismillah Khan – an artist, whose stature as a musical legend could never quite overshadow the wit, humour and charisma of the man.. Juhi Sinha’s lavishly illustrated Coffee table book is well-crafted. No one who wants to learn of Bismillah Khan and Benaras can afford to miss this volume.

P.P.Ramachandran

24-01-2012

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M S and Radha by Gowri Ramnarayan ; Published by Wordcraft ; Pages ; Price Rs 709/-                                         ********************* Gowri Ramnarayan who is the grandniece of  M. S. Subbulakshmi   is a  journalist who writes on music regularly for the “Hindu”. Having accompanied M S for 16 years she is eminently fitted to write on M S. She has done research on the role of emotion in art. She has written a number of books and translated stories of Kalki and Vijay Tendulkar. The book under review is the story of the bond between M S and her daughter Radha.                            Pandit Ravi Shankar, who writes the Foreword to this book has stated, “M S’s aura, beauty and persona captured the audience even before she sang a single note. Her amazing voice had the tonal quality of a temple bell, which resonated throughout the concert hall. It was unique, combining deep pure emotion and technical perfection.” She represented in her simple everyday life, the values of an ancient culture—humility, compassion, consideration for others and unwavering principles of conduct—all these ingrained in her from her childhood.                            The M  in her stood for Madurai—the sweetness of Madurai Tamil, the fragrance of Madurai malli, the gentleness of Madurai people, the magnificence of Madurai in legend , history and literature, all equally celebrated in verse and song. The S in her stood for her mother Shanmukhavadivu who was an eminent Veena player. Her grandmother Akkammal  was a violin artist. Thus, she was from a family of musicians.                              M S , initially trained by her mother, was later fine-tuned by the doyen Semmangudi Srinivasa Iyer. She acquired the status of a saint by her portrayal of Meera. She captivated the world by the grandeur of her voice. The man who transformed her from an ordinary singer to a Bharat Ratna was her husband Sadasivam. M S  made music and Sadasivam made M S.                                 She was the first woman to storm the Madras Music Academy’s and later bagged  the most coveted  title in the world of Carnatic music Sangita Kalanidhi.  India's highest civilian honour  Bharat Ratna was conferred on her but regrettably after the demise of Sadasivam .                                 Gowri Ramnarayan tells the story of this  great singer from Madurai and deals with  the special relationship between MS and  Radha. She  takes us through Radha’s early training in music, her highly acclaimed debut as the young Meera in the film of that name which made MS an icon, her brief branching out as a Bharatanatyam performer and her eventual return with the tanpura to her assured place beside MS. The story begins in an intimate and vivid moment in 1936 when a two-year-old girl with sparkling eyes and two well-oiled plaits, is introduced to a beautiful woman as she steps down from a horse-drawn cart in a narrow Tiruvallikeni street. As she is "enveloped in a cloud of jasmine", her father T. Sadasivam says, "Radha, from now onwards, this is your mother".                                      Radha deleted  her real mother  from her memory. She attached herself to MS, who became over the years her mother, teacher, sakhi and nurse . She became a part of a musical journey in which M S led  her all over the globe. She virtually became M S’s shadow. Her exposure to music began the moment her new mother entered her life. She would sit for hours listening to M S practice and would sit with her on stage, remaining completely still and absorbed. Music entered her without her even realising it.  Radha had a native  sense of rhythm, amazing  photographic memory and natural vivacity. M S  and Radha became inseparable in all concerts.  A veteran  declared , "To see MS on the stage without Radha is to see the sky without the crescent moon. No doubt it is vast and starry, but something is missing."                                     Radha had a brief career as a dancer but rendered full support to her mother.  She declared proudly "Sacrifice implies loss, but being second voice to Subbulakshmi is indeed a gain. It is my great good fortune to be able to sing with Amma."  Radha assisted M S in all her personal matters until she was overcome by tubercular meningitis and bedridden. Roles were reversed and MS took care of her as if she were a child again.                                      Prime Minister Manmohan Singh , releasing the book  declared , “ MS was a rare individual and it is difficult to believe that she existed in flesh and blood. She shaped the lives of millions,” He recollected how Jawaharlal Nehru had said at the end of a concert: “What am I? A mere Prime Minister before the queen of emotions. She led a good life and her voice will inspire generations.”                               The author declares “In writing about M.S. Subbulakshmi, I am asserting the values that our nation holds dear — damyata, datta, dayathvam (restraint, generosity and compassion). M S sang this prayer song at every concert with conviction and hope.” The greatest virtue of this volume are the stunning photographs of yesteryears---the like of which we have seldom seen. There are detailed and delightful descriptions of  M S’s and Radha’s musical development and the range of their stupendous repertoire.                                      Here is a book worth cherishing for its breezy style and collection of rare stories about the legend M S—to whom Sarojini Naidu  surrendered her title, “Nightingale of India”.  P.P.Ramachandran 21-12-2011

Festschrift to Dr. C.Rangarajan

Growth and Finance--Essays in honour of C.Rangarajan ; Edited by Sameer Kochhar ; Published by Academic Foundation ; Pages 351; Price Rs 1095/-

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The book under review is a festschrift in honour of Dr.C.Rangarajan There are 16 essays by 20 eminent authorities on banking,finance, management and public administration. In a preface the Home Minister Shri.P.Chidambaram writes ,"Today ,there is no one I know of who is more sought after, more often consulted, more dependable.more impartial,more neutral ,and more valuable in the advice he gives as far as economic policy matters are concerned than Dr. Rangarajan....I think it (this book) is a remarkable tribute not only to a very fine intellectual but also a very fine human being". A lot of what we take for granted today--for example ATMs, Credit Cards--are attributable to the financial reforms that Dr.Rangrajan broght about as Governor of R B I.

In a Foreword ,Dr.Manmohan Singh pays rich tribute to Dr Rangarajan. Dr.Rangarajan has taught at Wharton School of Finance and Commerce, Graduate School of Business Administration in New York and I I M Ahmedabad. He was Member of the Planning Commission, Deputy Governor and later Governor of Reserve Bank of India,Governor of Andhra Pradesh, Chairman of the Twelfth Finance Commission and is presently Chairman of the Prime Minister's Economic Advisory Council. We have a pithy assessment of Dr.Rangarajan by one of his successors Governor Subbarao,who has unarguably asserted--"Dr.Rangarajan.. straddled both academia and the government. What makes him unique though is the way he constructively blended what are two disparate worlds. He brought deep scholarship over a range of academic disciplines to bear on public policy...He remained deeply sensitive to real life concerns. It is this unique trait that has set him apart as one of today's most credible thinkers and advisers. Fittingly, a critic labelled him as "philosopher king"'

The sixteen essays in this volume are esentially a labour of love, affection and admiration for Dr. Rangarajan. The volume has a true head start with an unusual anecdotal history of the tumultuous times during 1982--1997 by Shri. S.S.Tarapore, who rightly mourns that in India anecdotal history is neglected as senior officials generally do not maintain personal diaries.He has presented a fascinating account of how battles were fought, policies were fashioned out after heated debates and recounts the genesis of crucial decisions made during that period.Subjects tackled included B O P crisis of 1990-91,Devaluation of Rupee,

J P C Committee.Tarapore brings out vividly how Dr.Rangarajan encouraged those working under him to articulate views diametrically opposed to his own view. According to Tarapore,"Generations to come will scarce believe that Plato's "Philosopher King" walked the corridors of the Reserve Bank in flesh and blood." One devoutly wishes that Shri.Tarapore writes the anecdotal history of the Reserve Bank during its first 75 years.

Dr.Subbarao, the Governor of R B I has analysed the ills that plague the banking system and how we should ensure that banking takes steps to evolve, grow and innovate in response to the developments in financial markets and institutions.Banking secotor in India has four challenges it has to meet head on--deepening financial inclusion, financing infrastructure, strengthening risk management and improving efficiency.Facing these challenges is sure to make banking exciting.

The essay by Kanagasabhapathy and Radhakrishnan focuses on the mainstream views on transparency and autonomy in the formulation and conduct of monetary policy, including those out of the IMF Code. It calls for exploring the possiblity of extending the management concept of 'Johari Window' to transparency in public policies with particular reference to monetary policy.

Joseph Massey emphasises the importance of financial services in developing growth, employment generation. capital allocation, savings, wealth distribution and risk management.Financial inclusion is the process of ensuring access to financial services and timely and adequate credit provision. The author has commended the efforts of RBI to increase financial literacy

Shyamala Gopinath pays tribute to Dr, Rangarajan, recalling her indebtedness to him.She recounts his role in steering the country out of the crisis of the early 1990s and laying down the foundation of the subsequent policy framework, which put the economy on a robust and reslient growth. Her essay on a macroprudential approach to regulation reveals that many ideas were originated by Dr,Rangarajan.

Other eminent writers are Y.V.Reddy, K.C.Chakrabarty, Ravi Narain, Kirit Parekh and others.Due to space constraints it is not possible to deal with all the essays in this volume but reading this volume will make amply clear the giant role by Dr.Rangarajan in several fields of Indian economy.The volume, which has been brought out by the Skoch Group is edited by Sameer Kochhar, the Chairman. He is the President of Skoch Development Foundation which is our country's leader as think-tank on social and financial matters. We owe a deep debt to Sammer Kochhar and Academic Foundation in bringing out this valuable festschrift by a number of authorities in several fields. No better tribute to Dr. Rangarajan is possible.The book is warmly commended to all economists, bankers, administrators, planners and students of economics and banking.

P.P.Ramachandran

29-05-2011

ICan Do Financial Planning

ICan Do Financial Planning by Swapna Mirashi ; Published by Academic Foundation ; Pages 143; Price Rs. 245/-

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Swapna Mirashi is a Financial Literacy Consultant and author of two books. She was a member of the Steering Committee of Financial Literacy of the Reserve Bank of India. She developed a comprehensive rural financial literacy manual for ICOCI Bank. She is regular contributor to financial journals. The book under review is a manual of financial planning. Financial planning is a process of planning and managing your current finances to meet your goals. Income, expenses, savings, assets and liabilities have to be so organized as to secure your aims— buying of a house, provide for education and wedding of your children and plan your retirement,

This is a well-organised step by step manual enriched with smart worksheets and checklists. It encourages you to design your own personal financial plan. Almost every page contains a box that highlights important concepts. The first step is to set clearly your goals—with a time-frame. If your start planning early in your career you have to set aside less money each month. A basic need is to assess clearly your financial position. It is advisable to have realistic goals commensurate with your assets and income. A cogent analysis of your financial needs is a must. Set reasonable goals and take firm steps to achieve them.

The next subject tackled is “Investment”. Seek out profitable avenues like provident fund, fixed deposits and ensure a good balance between growth and steady income. Acquire a thorough knowledge of avenues of investment. Arrive at an ideal portfolio. Due to inflation you have to invest in such a way that the value of your money is retained. A wise management cycle is to save regularly—invest wisely—spend intelligently and at the same time ensure your security. You have to master the process of investing, gauging risks and taking right decisions. There are various investment channels—some riddled with risks and some high-yielding. Study stocks and shares and available exemptions. You can arrange your investment portfolio and review periodically your holdings. Another crucial area is planning and managing your debts portfolio. You have to be aware of risks involved. Risk is the possibility of a loss or negative out come. Vulnerability to risks varies from individual to individual. You have to be aware of certain practices that inevitably lead to risk. This manual offers guidance on methods of managing and overcoming risks. Information is offered on briefly on regulators like RBI ,SEBI and those who regulate insurance market and pension fund market. It is safe and essential to build an emergency fund to combat risks, Different types of risks are analysed. The manual provides sample planning steps to achieve common financial goals. The volume has a valuable glossary, a tiny list of books ( why no books by India analysts are included is not clear ) and a number of useful websites.

The Governor of the Reserve Bank of India Dr.D.Subbarao, who contributes a “ Foreword ” rightly hails the book as “A rewarding learning experience.” Surely this manual is very valuable and offers easy-to-implement advice to wise financial planning. The Reserve Bank deserves warm praise for bringing out this book as part of its efforts to encourage financial literacy.

P.P.Ramachandran

Journey Og A Nation

-- Journey Of A Nation ; Published by Academic Foundation ; Pages 306 ; Price Rs 2995/-

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Shri.M.V.Kamath, in one ofhis recent reviews described the book as “unputdownable.”. The book under review is unarguably one such book. It records the 125 yearsof the Indian National Congress. Dr.Pattabhi Sitaramayya, the pioneer biographer of the Congress wrote perceptively “Great movements are like great rivers—they start as small streams, but if the cause is great, they draw to themselves many streams, joining together to achieve and reach their destination.” The Congress met for the first time with only seventy-two people in Bombay on 28th December, 1885. It went on to challenge the mightiest empire of the time, using the slogan of peace and the method of non-violence.

This volume is afascinating record of the struggle for freedom told in admirably precise fashion, rich in rare photographs and archival material of the highest value. What the reader gets is a bird’s eye-view of the tumultuousjourney of a nation. Production values are of the highest quality and Academic Foundation has walked an extra mile to make the journey a pleasure to behold. Special boxes in light colour give photographs and sketches of all Congress Presidents. Important documents and press notices are reproduced.

The book is divided into nine sections. The first section “The Formative Years—1885—1920” deals lucidly with the birth of a new party led by men and women of extraordinary courage, commitment culminating in India’s freedom . Covered are the impact of Dadabhai Naoroji’s “Poverty and Unbritish Rule”, the role of Gokhale, Tilak, the split inSurat, the Rowlatt Act and the Jallianwala Bagh massacre.

Section Two entitled “The Gandhian Era” relates to the period 1920-1935 We are privy to Gandhi’s struggles , the Simon Commission, the Round Table Conference, the Dandi March . The section also covers the ascent of Jawaharlal Nehru .

The next Section deals with the years 1935—1947. Important events analysed are the Government of India Act, the Congress Ministries, the emergence of Jinnah and the strident demand by the Muslims for creation of Pakistan, Cripps Mission, Quit India Movement, the Cabinet Mission, the Wavell and Mountbatten plans and finally Independence,

Section Four deals with the years 1947 to 1964 . The highlights are the tragic partition, the communal riots, the integration ofprincely states, the framing of our own Constitution. Nehru inaugurated an era of planning, built a chain oflaboratories, constructed a number of dams—which he called “The Temples of Modern India”. He made “Non-alignment” an acceptable philosophy.

The next Section analyses the Congress party’s role from 1964 to 1994. Nehru was succeeded by Lal Bahadur Shastri. India was embroiled in a war with Pakistan. Shastri died and was followed by Indira Gandhi who was Prime Minister for 15 years—in two terms. She nationalized 14 major banks, abolished privy purses. The 1971 war withPakistan transformed her into “Durga” and led to creation of Bangladesh. Followed the Shimla Agreement. Pokhran nuclear tests, She declared Emergency after a court order disqualified her, leading on to her defeat in the 1977 elections. The Janata government and the 1980 elections swept her back to power. “Operation Bluestar” led to her assassination.

The remaining Sections dwell on the Rajiv Gandhi era. He introduced computerization, brought peace to Punjab,Assam and Mizoram. The Bofors deal and internal party dissensions led to fresh general elections. Rajiv Gandhi was assassinated by the LTTE agents. The book recalls the advent of P.V.Narasimha Rao and economic reforms initiated by Manmohan Singh. The destruction of Babri Masjid caused turmoil in the country. Sonia Gandhi became Congress President. The BJP led NDA was in power from 1998—2004.The Godhra massacre followed by riots are dealt with. The coalition government led by Manmohan Singh followed. The last Section lays down the Agenda for the future which is “inclusive growth”. “This volume is both a remembrance of things past and acommemoration of the long journey the Indian National Congress has traveled.”

This is volume to cherish and read by all students, politicians of every hue and disciples of history. The book is a tour de’ force—an achievement and accomplishment.

P.P.Ramachandran.

A MASTERFUL SPIRIT--HOMI BHABHA

A Masterful Spirit—Homi Bhabha by Indira Chowdhury and Ananya Dasgupta; Published by Penguin;Pages 240 ;
Price Rs 1299/-
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There are few biographies of the
“Father of India’s Nuclear Revolution”—Dr Homi Bhabha. This lacuna is admirably filled by this book by Indira Chowdhury and Ananya Dasgupta, both closely associated with the Tata Institute of Fundamental Research Archives. Chowdhury holds the New India fellowship to write the institutional history of T I F R. and is the recipient of the Tagore Prize in 2001 for her book “The Frail Hero and Virile History”. Dasgupta conceptualised the Bhabha centenary permanent exhibition.

The book is profusely illustrated with rare photographs of Bhabha, his family, his great acquaintances, his sketches of eminent scientists, his paintings and correspondence. Also there are delightful doodles by him.

This biography recapitulates Bhabha’s birth, childhood in Malabar Hill, Cathedral High School, Elphinstone College, Royal Institute of Science, Cambridge, the romance with physics, doctoral thesis on cosmic radiation, Indian Institute of Science with C.V.Raman , the establishment of the Atomic Energy Commission and finally the Atomic Research Centre, which eventually became BARC. Commending him for admission to FRS, C.V.Raman and a galaxy of distinguished scientists wrote “Bhabha is a distinguished mathematical physicist. Has contributed notably to our understanding of cosmic ray phenomenon, especially the absorption of the rays, the origin of electronic showers.”


Bhabha was a multi-faceted personality. Basically a scientist, he played a violin in a philharmonic concert, took part Cambridge regatta .He sketched the organ players, prepared the cover of the “ Caian”—his college magazine. He designed the sets for a performance of a Spanish play “Life is a dream” as also the sets of Mozart’s “Idomeno” for the Cambridge Musical Society.

There are three outstanding chapters –embellished by photographs--dealing with Bhabha and J.R.D.Tata, Bhabha and Jawaharlal Nehru and the establishment of the T I F R. Bhabha’s vision and ability to transform it to reality emerge clearly from these chapters.

Vikram Sarabhai in a tribute said, “Bhabha is a perfect example of the opposite of what C.P.Snow refers to as the alienation of scientists and humanists. He represented the best in the modern educated world and the best of science, of the arts. Bhabha not only understood the language of modern science but was thrilled with a recital of Bharata Natyam or a beautiful bronze from a temple.” C,V,Raman wrote of him, “..He is the modern equivalent of Leonardo da Vinci.”

The authors deserve special kudos for their skilful choice of photos, significant letters to eminent scientists by Bhabha and their responses. We have charming photographs of Bhabha with Albert Einstein, J.R.D.Tata and Jawaharlal Nehru and delightful cartoons of R/K.Laxman. The volume scales new technical heights. The lay-out and arrangement of images makes the volume highly impressive.

This is one of the finest books on a giant in science and lover of arts and is a “must read” for all students of science as also administrators of scientific organizations. It is undoubtedly a collector’s item.

P.P.Ramachandran

India on the Growth Turnpike--Vijay Kelkar

India on the Growth Turnpike:Essays in honour of Vijay Kelkar --Edited by Sameer Kochhar; Pages 317 ; Price Rs 995/-; Published by Academic Foundation.
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The book under review is a festschrift to Dr.Vijay Kelkar who was the pioneer in dismantling the administrative price for petroleum as also renowned for his fiscal policy reforms initiated through his heading the Task Force for the implementation of the Fiscal Responsibility and Budget Management Act and the chairmanship of the Thirteenth Finance Commission. He was the architect of the New Exploration Licensing Policy which put an end to the monopoly of ONGC and national oil companies, introducing an element of competition in this sphere. This led the country to add more reserves in the last ten years than it had in the previous four decades.

The editor of this book , Sameer Kochhar, President of Skoch Development Foundation, a think-tank on digital, social and financial inclusion issues, concedes that this “festschrift” is to commemorate Dr Kelkar being conferred the Skoch Challenger Lifetime Achievement Award 2010.
There are essays by twelve authorities .To summarise a few-
Arvind Panagariya declares that Kelkar was the first among economists to predict India growing at nearly ten per cent. As policy analyst Ajay Shah says in his monograph, a major achievement of Kelkar lies in his work on fiscal reforms which emphasised on how it was important to focus on both revenue/income and expenditure to achieve fiscal consolidation, which would in the long run expand aggregate demand, goad private investment and depress interest rates. Surjit Bhalla examines the impact of the new tax architecture built by Kelkar. Arvind Subramanian analyses the crash of 2008 and the steps to prevent another. S. S. Tarapore, has praised the role of Kelkar and argued that the reform process must continue with fiscal, monetary and external policies being mutually consistent to ensure sustained growth. Ms Indira Rajaraman, pays full credit to Kelkar for having ensured concern for “transparency of the fiscal system” while formulating the recommendations of the Thirteenth Finance Commission.

Vijay Kelkar “is that rare policy economist who can see reforms necessary to promote growth before anyone else, effectively communicate the rationale behind them to policymakers and the wider public, and sometimes even successfully implement them himself.” His work for over three decades has started yielding fruit and this is abundantly clear from the essays in this book.

Even as double-digit growth for India is forecast in the coming years, Kelkar had said in his 2004 K. R. Narayanan Oration in Canberra that thanks to the “painstaking reforms initiated over the last two decades” that spanned the governments of Rajiv Gandhi, Narasimha Rao and Atal Bihari Vajpayee, “India is at the threshold of “a golden age of growth with India's democratic framework being a key growth fundamental”.

The book under review, which has a number of tables, a list of the publications of Kelkar is an outstanding compilation of original articles by acknowledged authorities and is useful for economists, planners, political scientists and students alike.

P.P.Ramachandran,
B-2-64,Snehadhara,
Dadabhai Cross Road 3,
Irla, Vile Parle (West),
Mumbai, 400056
3-10-2010