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Remembering V V Bhatt
A tribute to V V Bhatt, a pioneering economist of the post-independence decades, who at the Reserve Bank of India led a group of economists in creative and independent thinking, not afraid of speaking their minds.
When I heard that V V Bhatt had passed away in November 2014, the first thought which struck me was that had he enjoyed good health, he would have returned to India during 1977–80 and occupied coveted positions either as chairman of the Industrial Development Bank of India (IDBI) or as a deputy governor of the Reserve Bank of India (RBI), both of which were offered to him by the 1977–79 Janata government of Morarji Desai. But he could not take up either of these positions because of health and family reasons.
Going by his earlier role as a public servant and policy planner, he would have made invaluable contributions to financial sector development and public policies in India. I was truly amazed at Bhatt’s extraordinary drive for economic research and writings, their vastness and depth, combined with an intense desire to influence public policies. Another trait which stood out all through his professional career had been his uprightness and courage of conviction, which were reflected in his candid and independent-minded perspectives he imparted whether in dealing with fellow economists or with the powers-that-be.
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