Attention has been focused, practically exclusively, on one policy change made by the government in 1991 — the abolition of industrial licensing — but now it is important to point out that there were many other invisible changes. Foremost among them, as it would turn out, was the fundamental change in the relationship between the government and the Reserve Bank of India (RBI).
From 1991 onwards, the RBI became a full, if slightly junior, partner of the finance ministry, instead of being a “mere subordinate department of the financial ministry” as T T Krishnamachari, finance minister in 1958, had
From 1991 onwards, the RBI became a full, if slightly junior, partner of the finance ministry, instead of being a “mere subordinate department of the financial ministry” as T T Krishnamachari, finance minister in 1958, had
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