அறிஞர் அண்ணாவின் கட்டுரைகள்


RUPEE IS SICK...

The Rulers are strong—but the Rupee is sick! The Bumper-editions of almost all dailies and weeklies, publish interesting items, delightful portraits, happy anecdotes, sweet sonnets, messages from leaders all over the world, about the Independence attained, and point out how strong the Rulers are! True, they are strong—even Hon’ble Bakthavathsalam pines for the emergence of a well-organised opposition—which is but another way of saying that theirs is a ‘one-party’ rule. Devastating Budgets are passed by thumping majorities—at the Centre as well as the States. Criticisms are pooh-poohed! Oppositions are brushed aside! The caravan they say, passes on, unmindful of the pitfalls! —and the courage is applauded. The Rulers are mighty strong, but the rupee is sick. Their position as far as the political set-up is concerned is as yet unchallenged—though there are danger signals all over—but the economic situation with which they are faced, is not strong—in fact, that’s why expert economists say, that the Rupee is sick—which may be said in another way, the blade is sharp but the arms are amputated.

The Rulers are strong—not because they are the strongest—but just because Democracy being in its infancy, is prone to suffer the first-comers to retain what they hold for the time being.

And as the leaders pointed out during these festive days, they do represent the struggle for freedom from an alien imperialism and the people show a sense of gratitude to the “Last of the Romans”. But the gratitude shown by the people, though helpful in maintaining the rulers in power, cannot possibly control the other factors—especially the economic situation. And the dislocation discernable in this field is alarming. And that is what is meant by the saying. “the Rupee is sick”. In fact the Rupee is sick in spite of the efforts taken by the Rulers to make it strong! And that is not to be wondered at, because, the methods through which the rulers wanted to strengthen the rupee, happened to be the very causes for its weakening; which means again, that the present rulers, are not experts in economics—and they refuse to accept that truth. Strong politically means strong in all fields—that seems to be their argument.

Pandit Jawaharlal Nehru, pinning his faith in Plans—has led the country through a maze of activities, which has resulted in,
Inflation
Adverse Balance of Trade
Depletion of reserves
and has landed him in a domain of doubts and difficulties.

“The first five year plan is considered”
says a professor of economics—Mr. T.K.Doraiswamy—”on the whole a success since the targets of production in most spheres were more than realised. Still there were disquieting features which should have called for caution in the formulation of the 2nd five year plan.”

But, Pandit Nehru is endowed with vision they say, and ‘caution’ is a defeatist term—which he would not advocate.

Reckless—one would say—but those who flatter him say that Nehru is enthused with an energy that none could curb. Whatever may be the proper term to be used, the failures discernable in the first five year plan, were not properly appraised, and caution which ought to be the key-note in a policy concerning millions of money and men was thrown to the winds and the second plan, bolder than the first was initiated. The coffers were empty but the courage was abundant. Was it courage, or bravado? The future will pass the verdict.

In his frantic efforts to implement the plans, Pandit Nehru, ate in to the sterling resources—or rather over-ate, and induced his Finance Minister to bring out a lashing budget, coaxed the public to lend the Government a hundred crores loan—and even went to the length of persuading British Financiers to lend a helping hand.

These frantic efforts did not improve the position—they cannot. On the other hand these efforts created such an unfavourable impression in the minds of the rulers of various countries, that they began to wink their eyes, twist their lips, nod their heads, and mutter though in muffled tones, that Pandit Nehru’s pace is a bit, hasty.

And the currency commentator, Mr. Pick who a year back said that the Rupee was strong, has now come forward to say that the “Rupee is a sick currency”; which means, that there is the danger of India sinking—unless extra-ordinary efforts are taken to cross the danger zone.

Encomiums are showered on Nehru, from many a land far and near—but of what avail, when the expert points out, that the Rupee is sick! It speaks volumes about the ill-advice, haste, recklessness, amateurish attempts at managing the economics of a vast country! How can one feel happy, at the thought, that the Rulers are strong—when they are told that the Rupee is sick.

Did not the doctor say, that the operation was successful, only the patient died. So too, the plans are brilliant, the rulers are strong and bold, only the Rupee is sick. What a state of affairs! And how to rectify it? We throw out our hands in awe and despair! What else can we do? The rulers are strong—and yet the rupee is sick, because the rulers are strong—too strong? Who knows!

(Editorial - 18-08-1957)