DEA secretary Arvind Mayaram, his PhD and a letter to his departed son

“You would always smile and say 'C'mon dad, you can do it!'. I did it beta.” This is what DEA secretary and one of the key bureaucrats behind today’s Union Budget -- Arvind Mayaram wrote to his son when he received the doctorate on FDI in India. Mayaram lost his 23-year-old son Anirudh, an episode that shattered him and his family. Courtesy Anirudh Mayaram Foundation, BoI presents here the excerpts of Mayaram’s letter to his son dated October 13, 2007…
where he captured how emotional responses dislodged serious FDI discourse in India a decade ago.

ResearchThis thesis is a culmination of several years of practicing FDI promotion. The fundamental issue whether FDI is good for the Indian economy hasn’t been fully answered even as I submit this thesis…All foreign investment evokes the fears of East India Company revisiting the country. In this surcharged atmosphere, serious debate takes a back seat. In a democratic polity, emotional responses have equal weight as rational argument and the former often wins the day. Hence the slow and reluctant policy response in India to the rapidly globalizing world where there is free movement of technology increasingly riding the back of capital.

LuminariesMy interactions on different occasions with luminaries like P Chidambaram, Finance Minister of India, M.S. Ahluwalia, Deputy Chairman, Planning Commission, Professor Dayakrishna, Philosopher, Professors Suzanne and Lloyd Rudloph of Chicago, Dr. Rakesh Mohan, Deputy Governor RBI, and Professors Sebastian Morris and Rakesh Basant of IIM Ahmedabad have deepened my understanding about the macro environment in which FDI flows. I have had the pleasure of being acquainted with Khalil Hamdani, Director UNCTAD for the past several years. A man with an unassuming mantle, Khalil has a very incisive intellect and has, during several UN missions we undertook together or in conferences and workshops, deepened my understanding of issues, specially the nexus between development and FDI.

ParentsMy father late Shri Mayaram symbolized to me the term 'excellence'. From him I learned the value of walking that extra mile that would make all the difference between mediocrity and excellence. I have often failed but he has always been there with me to make me know the difference. My mother, Indira Mayaram, a woman for all seasons, in addition to so many other achievements also registered herself for a doctorate and wrote out her thesis. But then a combination of circumstances didn’t allow her to complete and submit it. She was always nudging me to complete my thesis and her gentle persuasion worked on me all the time until I actually completed the thesis.

Sons…To top it all Abhinav, my younger son, generally unaware of the world around him, would also now and then turn to me and ask me “Pa, are you still writing your thesis?” …And when all has been said, how can I not look towards the rising sun and seek Anirudh, my elder son, who thought his dad was the ultimate in every sense and deserved to be called the Doctor. He is and is not here to celebrate this thesis but is so much a part of what is in it and everything else I do.