“We in India, as a result of our planned economic development, not central planning, but mixed planning, mixed economy, we have experimented with, we have moved to a stage of partial maturity of the economy, when we needed new forms of management, new forms of, expression of the spirit of enterprise, so that the economy can move forward. The compulsion to liberalisation and globalisation arose from this. This is why we say that India's liberalisation is an irreversible process…. and, in a vast country, with millions of people and poverty, rampant, we cannot liberalise recklessly, in such a way that the balance of the society is upset and while some sections would flourish, make profits, the rest of the people would be left without employment and be helpless. Therefore, we have to have a balanced approach to liberalisation and also to globalisation.”

— K. R. Narayanan

Shri K. R. Narayanan President of India in Conversation with N. Ram on Doordarshan and All India Radio

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K. R. Narayanan 40

9th Vice President and the 10th President of India 1920–2005

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“…when we became independent and Nehru spelt out his vision, we appeared to be the leader, we are the only country which articulated the aspirations of Asia as a whole for the first time. Then other countries, small countries, big countries have come up asserting themselves, and, but still we are, because of our economic development, everybody knows that India is geographically a big central chunk of Asia and that it is an expanding economy. It is a technologically progressing society and in every field it is making a mark. And everybody recognises this role of India, but I think we have to articulate our position in Asia, in a new way, in a new set of circumstances that would appeal to everybody.”

K. R. Narayanan (1920–2005) 9th Vice President and the 10th President of India

Shri K. R. Narayanan President of India in Conversation with N. Ram on Doordarshan and All India Radio

“In 2014, one of the key agendas of the BJP’s election campaign was highlighting the dismal management of the Indian economy, ironically under an ‘economist’ prime minister and a ‘know-it-all’ finance minister. We all knew that the economy was in the doldrums but since we were not in government, we naturally did not have the complete details of the state of the economy. But, what we saw when we formed the government left us shocked! The state of the economy was much worse than expected. Things were terrible. Even the budget figures were suspicious. When all of this came to light, we had two options – to be driven by Rajneeti (political considerations) or be guided by Rashtraneeti (putting the interests of India First)… Rajneeti, or playing politics on the state of the economy in 2014, would have been extremely simple as well as politically advantageous for us. We had just won a historic election, so obviously the frenzy was at a different level. The Congress Party and their allies were in big trouble. Even for the media, it would have made news for months on end. On the other hand, there was Rashtraneeti, where more than politics and one-upmanship, reform was needed. Needless to say, we preferred to think of ‘India First’ instead of putting politics first. We did not want to push the issues under the carpet, but we were more interested in addressing the issue. We focused on reforming, strengthening and transforming the Indian economy. The details about the decay in the Indian economy were unbelievable. It had the potential to cause a crisis all over. In 2014, industry was leaving India. India was in the Fragile Five. Experts believed that the ‘I’ in BRICS would collapse. Public sentiment was that of disappointment and pessimism.”

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Narendra Modi, Swarajya Interviews Prime Minister Modi, Interview, R Jagannathan- Jul 02, 2018 https://swarajyamag.com/economy/swarajya-interviews-prime-minister-modi-the-state-of-indian-economy
2018

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K. R. Narayanan 40

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