Mr Bimal Jalan, a former governor of the Reserve Bank of India, is a sitting member of Rajya Sabha in India. Prior to his
current assignment, he served in several positions in the Indian government and the industry. He also served on the Planning Commission. He represented India in the boards of International Monetary Fund and the World Bank.
In his book titled ‘ Future of India: Politics, Economics and
Governance ’, Mr Jalan examines the nuts and bolts of the ‘rising tide of optimism’ about India’s economy. And he attempts to find out whether this optimism is justified.
Since its independence, India has witnessed its fortunes swinging from being ‘a country with an uncertain future’ to ‘a land of great opportunities’. Mr Jalan evaluates the growing reputation of India as a democracy and as an emerging global economic power. After analysing the past failures of the country, Mr Jalan feels that the present euphoria about India becoming a developed nation in a decade will not last for long.
According to him, the key factor to a nation’s success is the interface between the country’s politics, economics and governance and their combined impact on its democratic system, which will decide its future.
Therefore, if India has to seize on the present opportunities, India has to implement a number of reforms that include issues like greater accountability among ministers, finding effective ways to curb corruption and enhance fiscal viability, strengthen Parliament and judiciary.
Mr Jalan’s book has five
chapters besides an introduction and epilogue. The first and fifth chapters deal with the evolution of Indian democracy and the changes that are required to "make the political system work for the benefit of the people as a whole, and not only in the interest of the leaders whom they elect".
The second chapter focuses on the process of economic policy making and the impact of colonial legacy and coalitions of special interests. The third and fourth chapters discuss different aspects of governance and widespread corruption and suggest reform measures. The epilogue titled 'Resurgent India' and is a reflection of what Mr. Jalan thinks India needs to “revitalize country's institutions in order to realize her full potential”.
With his experience of the Indian political system being anti-people, Mr Jalan feels that India cannot emerge as a big power under the same political system.
One major shortcoming of the book lies in Mr Jalan’s failure to draw the conclusion that stares him in the eye: that the people of India have to get rid of the current Indian State power and create a new power to serve their interests. To answer his own question "What should India do to achieve its full potential?" he looks at the same forces who wield power today and implores them for the sake of India to implement a set of reforms.
As a liberal, Mr Jalan is unable to look beyond the present system that has failed the people. Also, the very thought of a revolutionary transformation of this system seems to scar him.