Harking back to 1991. Every large reform today is compared to 1991. I decided to go back and read how it was covered in 1991. “One is whether the tentative free-market reforms undertaken by Rao's Congress Party government will prove bold and courageous enough” #1991Reforms
“to rescue the country from rising double-digit inflation, smothering debt & shrinking economic growth. The second is whether India's foreign policy is hindering these capitalist reforms by continuing to project the old, 3rd World-leftist ideas that guided Delhi during Cold War”
“Leftists have dug in their heels in defense of country's traditional socialist ideology. Labor unionists, socialists, communist politicians accuse Rao of selling out to rapacious Western capitalists and mortgaging country's future to the IMFand the World Bank.” Seems like 2020
WAPO continues to take the same line even today. Leftists (so called liberals) are still the same. washingtonpost.com/archive/politi…
China surprisingly had positive coverage. “Since inheriting an almost non-performing economy in mid-1991, Mr Rao and Mr Singh have engineered an economic revolution, while cautiously treading a middle path in reversing the socialist ways.” scmp.com/article/84846/…
Manmohan Singh’s historic 1991 budget speech. #1991Reforms indiabudget.gov.in/doc/bspeech/bs…
Background of the IMF loan #1991Reforms unipune.ac.in/snc/cssh/Human…
Bombay Club led by Rahul Bajaj “India’s most important businessmen got together and discussed ways and means to stall liberalisation. This protectionist lobby, also known as the Bombay Club, met at the Belvedere in Oberoi hotel in Mumbai. #1991Reforms
“They struck at the very heart of what the P.V. Narasimha Rao government was trying to do—encourage Indian industrialists to compete with foreign firms in local market. Lalit Thapar, Nusli Wadia Hari Shankar Singhania, Jamshed Godrej, M.V. Arunachalam, C.K. Birla and Bharat Ram”
“But those meetings did take place and their agenda really was stalling or slowing reforms” says Sucheta Dalal. She says Bajaj didn’t attend the 1st mtg—it was later at a cii meet that Bajaj confessed openly to supporting the Bombay grouping.” #1991Reforms outlookindia.com/magazine/story…
Am trying to find more India media coverage. If anybody finds any article around 1991-1999, on the 1991Reforms, do share. It is useful to read how history is covered in real time, before it is air brushed and white washed by survivors and this with selective memories #1991Reforms
1st July - First devaluation of 7-9%. As expected opposition, opposed and attacked the govt. #1991Reforms 
3rd July - 2nd Devaluation by 11%. Done in 2 stages to test waters. Rao called off 2nd one after political opposition. MMS agreed but when he called RBI at 9.30 am, it was done. He called DG Rangarajan and not Guv Venkitaramanan. Y? Agreed with Rao but got his way. #1991Reforms
Is the real star of second stage of devaluation only Singh or Rangarajan, who played along with FM's strategy? No clear answer to these questions, but decision on devaluation was taken by PM/FM and had not received prior clearance of Cabinet. #1991Reforms
business-standard.com/article/curren…
business-standard.com/article/curren…
Our corporate world was divided and RBI hiked rates to 11% (yes - you read that right). #1991Reforms
PC meanwhile played his part and dismantled CCS (Cash Comp Scheme) for exports and bout in REP (Replenishment Scheme) for export related imports.
India Today in it's July 1991 edition put MMS on the cover and as is common when big decisions are taken called the devaluation "Shock Treatment" - Will it work? #1991Reforms
"Govt has blitzed through with devaluation, trade reforms, major industrial. foreign investment policy changes are expected soon. But there are many Qs. Will Congress(I) go through with it? Will Oppn let it? And finally, will measures work?" #1991Reforms indiatoday.in/magazine/31-12…
The FM pulls off a coup by proposing radical industrial policy with massive liberalisation but pulls back with pedestrian budget which tackles-somewhat-the fiscal deficit, makes populist promises, and is vague about India's economic future. #1991Reforms indiatoday.in/magazine/15-08…
“Often in crisis, there are opportunities, like in 1991, ushered in a great period of structural growth in India...I was hopeful that maybe something like that would happen this time and I’m sorry to say it isn’t. This isn’t that kind of a reform package," #1991Reforms
Above was said in an interview by Julius Baer research head. #1991Reforms are like Sharmaji's son who got a perfect score or Tendulkar/Kohli who no new player will be able to live upto on debut but that wont stop parents/commentators from comparing them bloombergquint.com/business/india…
