J D Agarwal , Director of the Indian Institute of Finance, is of the view that it is inappropriate to say that Manmohan Singh, or anybody else for the for that matter, is indispensable. He recalls that everyone throught Jawaharlal Nehru was indispensable but Lal Bhadur Shastri proved them wrong. " A national as big as ours must have an inventory of people who can, whenever necessary, replace those in key positions," he says.

Yet, Agarwal feels, it is in the best interest of the country that Manmohan Singh has continued to preside over the Finance Ministery. "He is the architect of the reform process and best understands its intricacies to take the process to a higher level so that its fruits start accruing to the society," he asserts.

A senior economist, who chooses to remain anonymous, does not believe that the liberalisation process is irreversible or that Manmohan Singh is indispensable. He explains that Singh's policy package is the same which was suggested by the IMF-World Bank almost 10 years ago and which the same Manmohan Singh had criticised as general secretary of the Geneva-based South Commission.