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Ep 237: The Importance of the 1991 Reforms

The Seen and the Unseen - hosted by Amit Varma

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Economic Reform in the Early Eighties

In 19 77, moraji desa, acam patel and lalala became the three economic policy people of that period. It was like a preglobalization phase of fixing up some of the domestic economy. And these early steps in reform were actually successful rather quickly. But then we had oil shocks after 19 79 and those things came together and generated a balance payments crisis at a time when the political conditions in government broke us completely. So this process was its way through the eighties and then we had a terrible mess in late eighties where many things came together which led to reckless fiscal policy.

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