In economics as in its politics, the likely BJP government at the Centre will be required to juggle with a wide range of contradictory ideas from the Sangh Parivar as well as its diverse allies and associates. The Parivar can be expected to make strenuous efforts to leave its mark in the shortest possible time given the uncertainty about how long a term the BJP will enjoy if it comes to power at the Centre. The formation of a so-called core committee of the RSS to advise the government is a sign of how seriously it has got down to business. Other pulls will come from the likes of the MNC-bashing George Fernandes, who has a reputation to defend, and a different sort from Chandrababu Naidu, who is regarded as the finest exemplar of State reformers by many at home and abroad.Jayalalitha's demand for a special development committee for Tamil Nadu underlines the dissatisfaction of regional parties for one reason or another with existing development institutions. In the light of all this, one of the prime tasksof the BJP Finance Minister will be to roll a hotch-potch of catch-phrases, prejudices and forward-looking ideas into a coherent set of growth-promoting economic policies. Even at the risk of burdening the BJP with more committees, one is inclined to recommend an economic core group to act as a buffer and to process and, if necessary, render harmless some of the recommendations flowing in from all quarters.Rarely has a potential ruling party had such a wealth of choice in the way of candidates for Finance Minister. Which of them wins will be a sure indication of the kind of policies the BJP intends to pursue. A Parivar hardliner would suggest it is throwing its weight behind economic nationalism as propounded in the confused jargon of Murli Manohar Joshi and the Swadeshi Jagran Manch. Such an option could only mean the calculation is the next election, not the health of the economy. A middle-of-the-roader from the BJP or Ramakrishna Hegde from the Lok Shakti may be a safer, less controversial figure, lesslikely to alarm the market and investors.A technocrat such as C. Rangarajan whose name is being bandied about would signal endorsement of economic reform, and the necessary prudent approach towards it. The choice of Finance Minister is crucial for the psychology of the market. It will do more than anything else at this stage to clarify the BJP's stance which is full of ambiguities. This is when it will show whether it has decided to play to the gallery and let the economy stagnate or to take the bit between its teeth and go forward boldly.It may not be music to the Sangh Parivar's ears but the best bet for the BJP in these uncertain times is to demonstrate confidence in economic liberalisation, commit itself to institutional reform and concentrate on providing better opportunities for all. It should start by jettisoning some dubious slogans: self-reliance which sounds like isolationism from fear of being battered in the global market and swadeshi which is taken to mean shoddy will do as long as it ismade in India.
