In 2013, a one time US academic who also happened to be the son of a RAW biggie, took charge as governor of the RBI. He did so at a time when the rupee was in freefall and the current account deficit was burgeoning even as inflation too refused to be tamed. His tenure saw a marked improvement on all three parameters so much so that India almost returned a current account surplus last month (debating the merits and demerits of THAT is beyond the scope of this review). Not satisfied with this, though, he set about creating a market economy style financial structure in India. No.1 hurdle to this was the domination of credit by public sector banks, which in turn were sitting on huge piles of never to be repaid loans, mostly owed by large and supposedly successful corporates. He fought the good fight but had evidently picked the wrong one and a campaign was launched to present him as too outspoken for India's good (of all the possible crimes!), as a US spy, as too impractical, so on and so forth until he, without saying so in as many words, had basically had enough and returned to the US after a 3 year term, uncharacteristically short for an RBI governor.
Why this lengthy preface to a review on an autobiographical novel penned by former Prime Minister the late P V Narasimha Rao? You shall see why when you read the book. Without spoiling it for you - and in any case I believe the book will appeal more to people who have read up on Rao's background - let me just say that the book brings out the problems involved in crusading against 'the system' in India. The system may have taken the form of landlords in an earlier agri-dominated era; today it takes the form of industrialists. But a somewhat feudalistic and elitist system (some may argue that somewhat is an understatement!), nevertheless. Then as now, an all powerful Prime Minister who promised radical change and a clean break with the status quo developed cold feet and sacrificed his/her strongest ally in the fight he/she had promised to fight.
This in my view is the essence of The Insider. It is NOT about liberalisation, be warned. Which does not make it any less interesting. And Rao's wonderful style, his dry wit bringing LeCarre to mind at times, makes this gargantuan 800 pager a breezy read.
A question that troubled me throughout the book and still haunts me is what happened overnight to the freedom fighters - many of whom populated governments at the Centre as well as States at the time - due to which they lost sight of the nation building project that a few like Nehru were very much focused on? I understand the onset of cynicism among subsequent generations but the book does not, to my mind, explain the reasons behind the metamorphosis of those fervent patriots who valiantly fought for our independence. Or perhaps it does and I need to read it one more time to locate the answer.
As you can see, this is not a criticism of the book but an indication of the depth of the issues it raises. It does not matter whether Rao was right about what all he wrote in this epic or whether he was entirely biased and intent on decorating himself. What matters is the questions he raised therein remain pertinent and unresolved in a country that moans for change but is generally quick to bury the lone crusader who dares to be the change. With the exception of Gandhi but hey we shot him dead too!