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Narshima Rao-Manmohan Singh alternative development model outdated

Reforms will always be there, but they will be of different types. Reforms vary from time to time

Sukumar Mukhopadhyay 

Sukumar Mukhopadhyay

In the context of the slowdown in the economy, some analysts have been of the view that the government should give up its present policy and adopt the Narshima Rao-Manmohan Singh policy of 1991. Here I am writing to say that it is a complete misconception to think so.

First, we have to know what that policy was. That policy was nothing more than the 22 conditionalities given by the International Monetary Fund (IMF) which had to be implemented for getting a loan from it. At that time the foreign exchange stock with the government was just $1 million, which economists used to describe as ...

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First Published: Sun, December 01 2019. 20:17 IST
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