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Reserve Bank of India: The real hero of the 1991 economic reforms

The three governments of that decade - the Congress, the United Front, and the National Democratic Alliance - went along because whatever the RBI did had no impact on votes

Topics
Reserve Bank of India | Economic reforms 1991 | Indian Economy

T C A Srinivasa-Raghavan 



RBI, Reserve Bank of India
The RBI slowly put in place sturdy systems to regulate the financial markets
T C A Srinivasa-Raghavan

July 1991 is seen as the month when major economic reforms were announced under great duress. So the political consensus on them broke down as early as September 1991, when the reduction in fertiliser subsidy on just one item, urea, had to be abandoned. The price increase was just Rs 1! The finance minister even offered to resign.

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First Published: Thu, July 01 2021. 06:10 IST

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