It was years ago and just after the draft of the 1st five-year plan was out. One afternoon veteran financial writers in Mumbai trooped, of course on previous appointment, into the rosewood-panelled chamber of the late Dr.John Mathai at Bombay House, headquarters of the TATA Group. The team of journalists included Shantilal Shah, financial editor of the then rambunctious Free Press Journal, G M Laud of Times Of India and R V Murthy who had edited The Bharat, the first financial daily newspaper in India. 

Dr.Mathai had just left the government being unable to agree with prime minister Nehru on the need for and the feasibility of a planned economy. As there was no going back on planning, he was not interested in being a party to a development strategy with no promise of success. They parted company cordially. 

The eminent scribes were on a mission to collect the reaction of the great economist on the plan proposals. Bemused, he invited them to take tea and snacks first so that they would be sufficiently fortified for the cannon fire later. He even claimed that he had ordered vegetarian cakes for Mr.Shah and Mr.Murthy. There was no silence the huge room reverberating with jokes and banter. Though Dr.Mathai had a hunch on what they all came for he, on his own, took no initiative to breach the plan topic. Finally, almost in desperation, Mr.Shah, speaking in undertones, hinted at the purpose of their visit. "How do you feel about the draft plan?" 

"Oh, this" Dr.Mathai said feeling the weight of the plan documents on his table. "It will take me a few months to know what is what". Any way there was no chance of his reading it. But "people like you" would give him "an idea of what was it all about. Drop in after six months" for his views on the subject. But, then, evidently feeling that his guests felt hurt, he returned to the subject. 

"Our soil will reject a command economy", he said. "I agree that we certainly would need a steadying hand" but that does not mean that we banished the market. He was not against welfare measures or even a redistributary mechanism, but "no command post for productive forces. Again, he said, the plan (first) would scrap through. "You have my word". But that is not the case with the second and other plans to come. As he saw it, there would be no plan beyond the 3rd one. Everything will be at a dead end for the planning concept".

Prophetic remarks. The fist plan with an outlay of Rs.5400 crores managed. The going was bad for the second and third plans. With the Chinese incursion in the early 60s the whole system derailed. The plans were there on paper and no one had any use for them even for reference. The annual economic survey took over as source material. 

After his split with Pundit Nehru, Dr.Mathai did not drift into oblivion. The prime minister held him in high esteem and on his request he assumed charge as chairman of the Rural Credit Survey Committee that recommended the creation of the State Bank of India in the place of the Imperial Bank, which was nationalised. He was the first chairman of SBI and was the vice chancellor of Bombay University. 

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