Times Now TV Channel broke the news about Montek's email correspondence with Mike Froman, US Deputy NSA. Montek was seeking Froman's help since, India was approaching the single borrower limit set by IBRD. Montek said that the matter is coming up before the IBRD board and wanted a relaxation of the limit.

Froman replied, "We are aware of this issue and we will look into it. While I've got you, we are hearing a lot of noise about the Dow Chemical issue. I trust that you are monitoring it carefully. I am not familiar with all the details, but I think we want to avoid developments which put a chilling effect on our investment relationship."

Montek had a lapse of memory when the Times correspondent queried him on this. He pleaded ignorance since, he receives many emails. [Do you know how many mails I receive?] His amnesia is a little difficult to stomach. After all, he was in US for the Indo-US CEO summit, co-chaired by Froman. A Harvard scholar-economist heading the Nation's Planning Commission, would certainly be gifted with reasonable memory.

A few questions are perhaps,in order. Why does India need to borrow beyond the IBRD single borrower limit? Does the borrowing spree have Parliamentary approval? As a "Free market" proponent, why does not Montek leave the economy to market forces and not indulge in govt prolifigacy? Why should a government authority, Planning Commission executive head accompany CEOs of private companies? Is this how market economies operate?
Interestingly, Montek had the head of his "attached office" Nilekani, in tow! Is Nilekani in the CEO summit in his private capacity, perhaps as an invitee of his former CEO buddies, or is he there as a government rep?
What does two and two make here? It looks like it is far more than four!

 

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