[A/N: Happy Diwali to all !]

Delhi – Parliament House – March 14th, 1949

Parliament House was buzzing that morning. March 14th, 1949 was going to be a big day for India's economy, and everyone could feel it. The halls were filled with nervous energy, the kind you get when something important is about to happen.

The whole Balochistan integration from yesterday was still fresh in everyone's minds, reminding them that this government didn't mess around.

Arjun stepped out of his black car and walked toward the Parliament entrance. Sardar Vallabhbhai Patel was right beside him, looking as tough as always. Behind them came the rest of the cabinet: Finance Minister Kelkar, Law Minister Munshi, Planning Minister Pant, Industries Minister Krishnamachari, and Labour Minister Shastri.

As Arjun walked up the steps, he glanced over at the press section. He spotted Rhea Sharma in the crowd of journalists, her dark hair catching the morning light. She was already taking notes, watching everything with those sharp eyes of hers.

He gave her the tiniest smile, so quick you might have missed it, then put his serious face back on and walked into the building.

Inside Parliament, the place was packed. Representatives from all over India filled the benches, and the galleries above were stuffed with observers and reporters. Everyone wanted to see what the government had planned for the country's economy.

As people settled into their seats, Arjun noticed something. Indira Gandhi wasn't there. Her usual spot on the BJD benches was empty. She'd decided to skip this one.

'So she finally got tired of being embarrassed in public,' Arjun thought to himself, trying not to smirk.

After everyone settled down, the session commenced and the Finance Minister Kelkar stood up, four thick documents laid out in front of him.

"Honorable Members," Kelkar began, "today we're going to change India's economic future. Four bills, quite equivalent to four pillars, in a way. Together, they'll make us truly independent - not just politically, but financially too. This is what we need to build the strong India we all want."

He picked up the first document and held it up.

Nationalization of Reserve Bank of India Bill, 1949

"The Reserve Bank," Kelkar said, his voice strong and clear, "has been a strange creature up until now. It's partly owned by private shareholders, many of them foreigners.

Tell me, how can India's financial heart beat properly when it's partly controlled by people who don't live here? Can our currency and our development really be in the hands of people who care more about their profits than our country?"

He let that sink in for a moment, looking around the room.

"This bill transfers complete ownership of the Reserve Bank to the Indian government. The Board will answer to Parliament, not to shareholders. Interest rates, money supply, credit - all of it will serve our farmers, our factories, our defense needs. Not the wishes of speculators in London or New York."

A murmur of approval went through the Congress benches. Patel slammed his hand on his desk. "About time," he muttered, looking satisfied.

Kelkar continued. "The RBI will also be able to directly fund strategic sectors like irrigation, steel production, transportation, and power. It will maintain gold reserves not just to sit there, but as solid backing for our national development.

Our financial strength will support our global ambitions."

Even some handful of independent members were nodding. The idea that India's wealth should serve India's interests made sense to most people.

Kelkar picked up the second document.

The Securities & Exchange Regulation Bill, 1949

"When a person saves money, they're showing faith in the future. We have to protect that faith. Right now, our stock markets are vulnerable to fraud, manipulation, and wild speculation. This bill creates a regulatory body called the Securities and Exchange Board of India, or SEBI."

He held up one finger. "It has three main powers. First, it will license and regulate all stock exchanges. Second, it will prevent fraud and market manipulation. Third, it will force companies to be transparent about their operations.

The goal is simple: protect investors, keep markets honest, and make sure capital goes toward productive things."

Shyama Prasad Mukherjee from the BJD stood up. He looked concerned but respectful.

"Kelkar-ji, protecting investors sounds good, but businesses work best with light regulation. Won't this new commission end up choking enterprise? Won't all this oversight and bureaucracy scare away the private investment we need?"

Kelkar nodded, acknowledging the question without backing down. "No, Shyama-ji. This isn't a noose around business's neck - it's a strong foundation. Honest investors will feel more confident, innovative entrepreneurs will thrive, but gamblers and con artists won't be able to turn our markets into casinos.

Foreign investment is welcome, but on our terms - steady, supervised, and serving our sovereignty. Good regulation builds trust, and trust builds real, lasting growth."

Even some opposition members nodded. The argument for proper oversight made sense.

Kelkar's voice got softer as he picked up the third document.

The National Pension & Retirement Security Bill, 1949

The chamber got quiet. "For too long," Kelkar said, his voice carrying across the room, "working people have faced old age with fear.

What happens when they can't work anymore? Will their families be able to take care of them? Will they have to depend on charity? This bill ends that worry. It guarantees dignity in retirement for everyone who works to build this nation."

He looked around the room. "Every salaried worker will contribute 20% of their monthly wages to a National Retirement Fund. Employers will match part of that contribution. At age 55, workers can retire with guaranteed monthly pensions."

Dr. B.R. Ambedkar stood up, adding additional support to this bill. "For the first time, Honorable Members, the poorest Indian worker knows that their old age is a right, not something to beg for.

This fund will not only take care of individuals - it will create a huge pool of capital to build our dams, our factories, our roads. Today's hard work becomes tomorrow's infrastructure. It's not just a safety net - it's a powerful engine for national development and individual dignity."

Applause broke out across the chamber. Even some BJD members stood up briefly, respecting the scope of what was being proposed.

Finally, Kelar opened the last document.

The Taxation Reform Bill, 1949

"Taxes," Kelar said firmly, "are what keep a republic running. But our current system is a mess, left over from colonial times. It often hurts the poor, lets the rich off easy, and encourages cheating. This bill fixes all of that, making our tax system fair, transparent, and efficient."

He laid out the key changes:

"First, three clear income tax brackets - low rates for basic earners, middle rates for salaried professionals, higher rates for the wealthy. Fair and simple.

Second, those 20% pension contributions are completely tax-exempt. That gives people an immediate incentive to participate and encourages national savings.

Third, companies that contribute to the Retirement Fund get corporate tax credits. This aligns business interests with national welfare. We're also unifying various duties to reduce corruption and make collection more efficient."

V.D. Savarkar, the BJD leader, stood up for one final challenge. "Simplifying taxes sounds good, but this is a massive overhaul. Mandatory deductions, new central controls - you're putting enormous power in Delhi's hands. How will ordinary people navigate this new system? We need to make sure the government serves the people, not the other way around, no matter how good its intentions."

Instead of letting Kelkar answer it, Arjun rose from his seat and looked directly at Savarkar. "That's exactly why we're making it simple and clear, Savarkar-ji. Citizens will know exactly what they owe. The government will know exactly what it receives.

No one can claim they were confused or didn't understand. We're building a system that serves everyone, and it will be as clear and strong as our Constitution."

Silence fell over the chamber for a moment. Then thunderous applause erupted. Desks got pounded, voices shouted approval. Patel nodded slowly but fiercely, like he'd just watched something important get built.

Arjun stood still, his expression calm, as the ovation washed over him. Four pillars were now in place. The foundation for a powerful new India had been laid.

As the applause continued, he could see that even many opposition members were clapping. These weren't just economic reforms - they were the building blocks of the strong, independent nation he'd promised to create.

And judging by the reaction in Parliament, most people were ready to help him build it.

South Block, Prime Minister's Office

Later that afternoon, Arjun had gathered his key ministers in his office to discuss the administrative changes they'd need to make after the morning's parliamentary session. The four bills had passed, but now came the real work of implementing them.

Kelkar was looking over some policy documents when he suddenly looked up at Arjun. "Prime Minister, the British are going to be in a panic over these bills. Especially SEBI and the pension reforms.

A lot of their people, be it former colonial administrators, or retired military officers - they've been getting reliable income from Indian sources. And now, that's about to dry up."

He set down his papers. "Same thing with SEBI. British firms have been operating here pretty much however they wanted, extracting profits under their old opaque methods. Now they'll have to follow Indian laws and Indian oversight."

Arjun leaned back in his chair. Honestly, he couldn't care less about how Britain felt about any of this. But it did give him an idea.

"Krishnamachari-ji," he said, turning to his Industries Minister, "I want you to think of three or four British firms that have actually contributed something positive to our industrial development.

And I mean really contributed - companies that trained our workers properly instead of just using them as cheap labor, companies that paid fair wages. Do any come to mind?"

T.T. Krishnamachari rubbed his chin, thinking it over. "There are a handful, Prime Minister. There's Davy & United Engineering - they're working with Tata Steel in a joint venture and they've been decent about training our people.

Then there's British Electrical & Allied Industries. They've helped build our electrical networks and power plants."

He paused, thinking some more. "There are also companies like Imperial Chemical Industries, Burmah Oil, and British Tobacco. They've paid fairer wages and invested in infrastructure, though only in certain regions."

Arjun nodded. "Good. Here's what I want you to do. Send a proposal to Britain offering three million pounds in compensation to each of these 'trustworthy partners' for any losses they might face from our new policies, either now or in future.

But here's the key - this compensation comes from Britain's treasury, deducted from our remaining sterling debt."

Several ministers raised their eyebrows at this. Compensating British companies? That seemed unexpected.

"Also," Arjun continued, "make it clear that all existing British capital in India - bonds, investments, everything - needs to be adjusted to comply with the new policies within a month's time."

Patel looked genuinely surprised. "You're compensating British companies? That's not what I expected."

Arjun smiled. "Sardar-ji, think about what happens when the other British firms see that only a handful of companies got compensated. They're going to try to figure out why these specific ones were chosen."

Understanding started to dawn on Patel's face.

"And when they connect the dots," Arjun continued, "they'll see that we only picked the companies that actually trained Indian workers, paid them decent wages, and invested in proper infrastructure. The ones that treated India as more than just a place to extract wealth."

"And so the other companies will try to follow the same path, at least those who want to continue their business in India," Patel said, working through the logic.

"Exactly. But that's just one benefit. The other is even more important. If Britain tries to retaliate against these policy changes - even though it would hurt them more than us - this compensation creates divisions among the British companies operating here.

The ones we've favored will resist any moves to block or reduce trade with India. They'll have a vested interest in maintaining good relations."

Kelkar was nodding slowly. "You're creating a wedge between different British business interests. The compensated companies become our possible allies against any economic retaliation."

"And it sends a clear message," Arjun added. "We reward those who contribute to India's development, not those who just exploit it. Going forward, British companies will know exactly what kind of behavior gets rewarded and what doesn't."

Patel leaned back in his chair, a slight smile on his face. "1 arrow and 3 targets, clever as always. We're essentially reshaping how foreign businesses operate in India by giving them incentives to actually help our development instead of just taking from us."

"That's the idea," Arjun said. "We use their own self-interest to align their behavior with our national goals. Much more effective than just imposing restrictions."

The room was quiet for a moment as everyone absorbed the implications of this strategy. It was typical of Arjun's approach - finding ways to turn potential challenges into opportunities for strengthening India's position.

--------------------------------------

[A/N: I had already described these bills in detail, in earlier chapters, so didn't do it here again]

Next chapter will be updated first on this website. Come back and continue reading tomorrow, everyone!

If you find any errors ( broken links, non-standard content, etc.. ), Please let us know < report chapter > so we can fix it as soon as possible.