August 03, 2011

20 years of Economic Liberalization

All through my learning days, I have kept hearing and taking about the economic liberalization measures taken in 1991 by the then Finance Minister Dr. Manmohan Singh. I came across this piece, written by C Rangarajan (who was the Deputy Governor of RBI during 1991) that was published in The Financial Express in 2001, to mark the 10 years anniversary of "opening up" the economy. It is a fascinating article! Happy Reading.

As an aside, came across this paragraph from the budget speech of 1991 read out by Manmohan Singh:
Ever since my appointment as Finance Minister, I have had to spend long hours in office. This has quite naturally made my wife very unhappy. The House will agree that it is not good for the health of our economy if the Finance Minister of the country has strained relations with his own finance minister at home. I propose that the total exemption from payment of excise duty currently available to utensils made of aluminium, copper and stainless steel be extended to certain other household items particularly tiffin boxes.

5 comments:

someone u no ;) said...

...the piece was very interesting to read! Got to know the History of Indian Economy.
And I've heard that part from the speech before as well!
Hmmm... Mostly people (Men, especially! :p) do become humorous after their marriage... :D
But cracking it at Parliament, was very courageous! :)
Keep your Fin Blog alive for more such interesting and knowledgeable things.
Thanks!

Anonymous said...

I'll be completely honest with you Sir. The only thing that I was filled with after having gone through the article was 'Pride'.

Neither for the upliftment of the Indian economy since 1991,
nor for the efforts that Dr. Manmohan Singh and his team of financial experts have put in to bring our economy to where it stands this day.

But for the much simpler fact that i was actually able to understand more than 85% of the technical jargons that were used by the esteemed author of the article :)

Only comes to show how strong an impact your lectures have made on my brain!

And I thank you for that.

U No Hoo said...

Thanks Anon :) Glad I could generate some interest while teaching!

jay said...

i respect our current PM and appreciate his work. also the funny part of that speech is innocent like his works. the fin express remains a special newspaper :) thnx sir for sharing. i agree with someone u no;) and anon as well. but, but, but i hate the fact that people used to sent the sms reading manmohan singh's list of degrees and achievements stating him as the best PM in the world(and i believ that as well) but the same people now think that he is the leader of all scams and started calling him CORRUPT. I dont agree with him being considered as CORRUPT.

reshma said...

i like this article its very funny and gives us good information thanx alot sir