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September 2011

Twenty years after liberalisation, the list of India’s economic problems is fairly long

By Raman Jokhakar, Mukesh Trivedi, Hon. Jt. Secretaries
Reading Time 1 mins
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The 20th anniversary of India’s economic liberalisation was celebrated in remarkably studied silence. The odd newspaper article apart, there was no official hubris over the epochal changes undertaken in 1991 by a clutch of reformers, many of whom occupy key positions in the current government. A report by C. Rangarajan, the Prime Minister’s Economic Adviser, throws some light on this extraordinary display of reticence. The message from the former central banker who, alongside Manmohan Singh, untied many of the knots that led to the balance of payments crisis in July 1991: it’s not business as usual in India in July 2011. Graft has paralysed the government and the economy is hurting. Prime Minister Singh cannot ignore this cautionary advice from a fellow reformer and a friend.

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