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Rajiv Shukla

Swadeshi? Nope, Vajpayee likes videshi

Look closely. At Prime Minister Atal Bihari Vajpayee's allocation of key portfolios, especially at the finance ministry. Who did it end up with? The gentlemen's name is Yashwant Sinha, a former IAS officer, an upright man, I am sure. Good.

Now look again. At who the finance ministry did not end up with. We get a names, that of Murli Manohar Joshi, Indianess personified, the ultimate swadeshi. But Vajpayee did not want him to be the top finance man. Why?

Left to me, I would answer without blinking: Because Vajpayee is not so much in favour of the swadeshi concept, because he's got a more open mind. But if I do that there would, I am sure, come a flurry of indignant queries: how can you draw conclusions based on that alone? So I will offer you more proof.

Not only in finance, Vajpayee has shown his bias towards videshi in all the other economic ministries by bringing in people who do not believe in the Be-Indian-Buy-Indian concept -- in fact, many of the new ministers are dead against it. The list goes like this: Commerce to Ramakrishna Hegde, telecommunications to Buta Singh, power to Rangarajan Kumaramangalam, steel and mines to Navin Patnaik, coal to Dilip Ray (an industrialist), industrial development to Sukhbir Singh Badal, revenue, banking and insurance to R K Kumar (a chartered accountant) and petroleum to Vazhapaddi Ramamurthy. Most of them are either former Congressmen or young politicians educated abroad.

Besides these, the Planning Commission has gone to another swadeshi-hater, Jaswant Singh, the other contender who ran was neck and neck with Joshi for the finance minister's job. As for the prime minister's office, it is looked after by Pramod Mahajan, a most liberal politician.

In the PMO, Principal Secretary Brajesh Mishra, son of former Congress leader D P Mishra, who installed Indira Gandhi as prime minister, is from the foreign service. Key areas like chemical, fertiliser and agriculture have also gone to non-swadeshi ministers like Surjeet Singh Barnala and Som Pal.

Initially, many were against Sinha's selection as finance minister. But he has gradually eased into the chair by maintaining a low profile. His understanding of the economy is no less than that of any professional. If he continues as finance minister for six months, it would be difficult for Vajpayee to replace him.

Sinha is opposed to the idea of handing out substantial reliefs to people as it would adversely affect the economic scenario. However, he wants to make the Budget uniquely memorable. He would incorporate the BJP's ideology in the Budget, but would not lay much emphasis.

On the swadeshi-videshi conflict, Sinha is in favour of providing more facilities to foreign investors. His forthcoming US visit will add more inputs to the Budget-preparation exercises.

The Budget will be presented either in the last week of May or the first week of June. The new finance minister wants to understand the economic scenario well before the D-day, sources said. Sinha wants to retain his top bureaucrats -- Montek Singh Ahluwalia as finance secretary, N K Singh as revenue secretary and C Ramachandran as expenditure secretary -- at least till the Budget.

Sinha also wants to retain Chidambaram's private secretary Krishna Saini.

The hardcore swadeshi lobby in the BJP, meanwhile, is trying to get Ahluwalia replaced. They say that he, being one of the architects of the economic reforms, represents the anti-swadeshi lobby -- and so, at least as a symbolic gesture, he should be replaced.

The lobby is willing to accept N K Singh as finance secretary because of his proximity to Vajpayee and Jaswant Singh.

Sinha's appointment is being received well in all sections of the economic world as he has taken a balanced posture. American businessmen and diplomats hailed his appointment and so has the Indian industry. This is quite evident from the fact that the Bombay Stock Exchange Sensex went up within two weeks of Sinha's appointment -- it touched the 4,000 mark for the first time in the last six months.

The perception that Sinha is inferior to Jaswant Singh or Chidambaram is a myth. Given the economic scenario, he would not be going in for a rhetoric populist bill (no more reliefs in income tax rates or excise duties). He would, instead, make a strong, sensible and open-minded (yes, literally too!) Budget.

Nope, Vajpayee is not so strong on swadeshi. He welcomes videshi, too.

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