Summary
D. R. Pendse reflects on the criticism he endured throughout his career as an economist who championed liberal economic views in a climate hostile to them. Politicians, economists, and academics frequently labeled him a 'reactionary,' 'fundamentalist,' and 'anti-national,' yet he refused to abandon his convictions, believing time would vindicate his positions. He recounts an anecdote in which a professor of economics, introducing him at a meeting attended by Japanese delegates, publicly admitted that for twenty-five years they had dismissed Pendse as a stooge of monopoly, only to realize—after India's 1991 crisis when gold had to be transported abroad—that he had been right all along.
Pendse credits JRD Tata with shaping his resolve. When Pendse complained that members of the Octroi alternatives committee (to which JRD had nominated him) refused to accept his views, JRD told him bluntly that he had not been appointed to win any popularity contest—if he was convinced he was right, he must keep saying so emphatically. Pendse describes this counsel as the guiding principle of his life as an economic adviser: to think, analyze, develop sound positions, and then speak them regardless of reception.
Key points
- Pendse was repeatedly branded reactionary, fundamentalist, and anti-national for his liberal economic positions
- He insists that history vindicated his views, particularly after India's 1991 balance-of-payments crisis when gold had to be pledged abroad
- A professor publicly recanted at a meeting, admitting he and others had wrongly considered Pendse a stooge of monopoly for twenty-five years
- JRD Tata nominated Pendse to the Government of Maharashtra's Octroi alternatives committee as his economist representative
- JRD's dictum—'we have not put you there to win any popularity contest'—became Pendse's guiding principle
- Pendse defines the role of an economic adviser as thinking, analyzing, developing right positions, and then speaking them unflinchingly
- He remains willing to be considered absurd by contemporaries so long as he is convinced of his analysis
Transcript
D R Pendse on the Criticism he faced through his Career
Source: https://www.youtube.com/watch?v=lrZSeDVMwEI Duration: 316.9s
D. R. Pendse (00:09): In India, many people, politicians, economists call me anti-national. They just couldn’t believe what I was talking was the right thing for the country. So so many — I’ve got so many letters — like reactionary, fundamentalist, anti-national. All these are adjectives for me. Well, I will not — I’m not going to stop that. I — I’m convinced in my mind that I’m doing the right thing. I will do it. And, eventually, you have proven right? Ultimately. And that in my book, there’s a — towards the end, I have written one — one I After JRD. There’s one section I have written. Actually, that is slightly beyond the our discussion, but I don’t — because it’s anecdote, as you said. There was a college in — So they had a — in that college, Premay said there was a meeting. Some — in the some industries call it — some Japanese people or something like that, and they invited me as a — So I went there. Somebody was a professor of economics in that college introduced me. I don’t remember his name now, by the way. Introduced me. And during the introduction, he said, and I still remember that. He said, I would like to introduce Mister Pendse to me because Mister Pendse has always been writing letter articles for the last twenty five years. I’ve been reading them, and we always considered him as a reactionary and anti-national. He was writing something which we never — which we could never accept in our society. We thought he was a stooge of the monopoly, stooge of that. That’s all. He said that in introducing me. We thought that. And but then gradually, things became — started becoming so bad that we realized one day — and one day when our gold had to be transported and all that. We never knew that things were so bad. Then we realized that we were all wrong, and he was the only man right. And that is what Mister Pendse is — Mister Pendse. But there’s a lot of Japanese people who had come there. So introducing me to them, It was a big meeting. So he said that. So that is — that is my my testimony. That I was considered anti-national, but then they said, no. There is — not anti-national. I had also a sense of patriotism in my mind. And that is that I mentioned in my JRD book, I After JRD. And because, you know, what I said is that one must — you see, there again, He put me on a Octroi alternatives committee. He was against the Octroi, and I was also against it. So there was a Government of Maharashtra that appointed a committee. Well, this is a change of subject, but it’s as a — as a — Please. I think doctors will be interested. So I’ll donate you. So they asked him to be a member. He said, no. I’m not an economist. I will — my Mister Pendse is our economist. I will request him to be a — said, alright. So I became a member. And then I find — found that whatever I was saying, none of the members could accept. I just couldn’t — what had happened to me. And I become — whatever I said, they were always object, other members of the committee. Some bureaucrats, some of these, some of professional. I said, this is bad. I — I told Mister one day. So I said, you have appointed me, but I’m becoming very unpopular in the committee. Nobody accept my view. Nobody would want to listen to me. And then you know what he told me? He said remember, we have not put you there to win any popularity contest. If you are convinced that what you are saying is the right thing, you must say it and you must keep on saying it emphatically. Don’t worry. We have not put you there to win any popularity contest. And that is what has guided me. I kept on saying — if I am convinced, I kept on saying that whatever people say, I will skip. That is what this man also, he said, we thought that he was anti-national, but he evolved. Now we formed it. And even if we are not formed, it doesn’t matter. Now many sides and which I have made, still people think they’re absurd. It doesn’t matter. Let them say so. I’m convinced about it. I’m going to say that. You see what I’m — so that thinking that — do not — we have not put you there for winning any popularity contest. So the economic adviser job is not to win any popularity contest. The economic adviser job is to pursue — to first think, analyze, develop thinking, which is right, and then speak it. Whatever it is. That is what he was thinking. I have followed that.
Notable passages
"I've got so many letters — like reactionary, fundamentalist, anti-national. All these are adjectives for me."
"The economic adviser job is to pursue — to first think, analyze, develop thinking, which is right, and then speak it."
"remember, we have not put you there to win any popularity contest. If you are convinced that what you are saying is the right thing, you must say it and you must keep on saying it emphatically."
"And that is what has guided me."
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