Money & Markets
Memories of 1991: The final months before the Indian economy was finally unshackledTen years after the 1991 turnaround, Deepak Nayyar, then finance secretary, confirmed that “a blueprint for the change that in fact came in June-July 1991 was not a bolt from the blue; the plans were laid out in detail during Mr [Yashwant] Sinha’s tenure. The first step towards some fiscal adjustment was taken in December 1990 after consultations with the IMF when a supplementary budget was presented to raise revenues.”
Updated July 21, 20226 min read