Bad news and more bad news every day! Despite the assurances of both the FM and PM, the scenario is becoming increasingly comparable [albeit not the same] with the 1991 crisis year. But my friend Mr. S. V. Raju hastens to inform me that two very significant factors that were different in 1991: first, we were fortunate then to have a decisive Prime Minister in Dr. P. V. Narasimha Rao, who did not have to look over his shoulder to ensure that he had the tacit approval of the “Nehru-Gandhis” family; and secondly, a feeling of exhilaration among industrialists, entrepreneurs and professionals that economic reforms on a meaningful scale – the decisive U-Turn from the erstwhile framework of licence-and-permit raj – was finally happening. We had then the FM in Dr. Manmohan Singh who was less of a politician and more of a solid technocrat economist!
Posted on: Tue, 20 Aug 2013 04:53:32 +0000
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