Bs Special

From BoP crisis to record reserves, RBI's forex strategy pays dividends

That swing has been made possible by a shift in forex management policy that was forged in the fire of the balance-of-payments crisis of 1991

Best of BS Opinion: Buffers cannot carry a system forever

As these pieces tell us, stability will not come from stockpiles, settlements, symbolic defences or inherited structures alone. It will come from the capacity to adapt when old buffers no longer hold

Incomplete 1991 reforms failed to foster India's industrialisation: Nayyar

Nayyar speaks about the vulnerabilities in India's reform journey and what needs to be done to realise its demographic dividend and avoid the middle-income trap

Uttar Pradesh, Bihar's per capita income still trails India average

Punjab and Maharashtra, among the top 5 states at the dawn of reforms, have since moved down the order

'Neither Rao nor Singh could have brought in the 1991 reforms alone'

P Chidambaram recalls how Rao and Manmohan Singh shaped the 1991 reforms and argues India now needs greater competition, openness and a revived WTO

Bombay Club fears were misplaced; family biz raked it in after reforms

Family-owned companies accounted for 72 per cent of the combined revenues of listed firms in FY26, up from 50 per cent in FY01

Best of BS Opinion: Power without guardrails becomes a risk

Power needs limits, markets need protection, development needs ecological restraint, capital narratives need scrutiny, and technology needs human oversight

Tata Sons' capital call: Listed giants find their own growth fuel

In the concluding part, Business Standard examines how listed Tata companies will fund expansion

Best of BS Opinon: Policy credibility needs coherence, not action alone

Institutions build trust, these pieces show, not by doing more, but by making their actions add up

35 years of liberalisation: Telecom, the sunrise sector of the reforms era

Three decades after liberalisation, telecom has evolved from a scarce state-run utility into the backbone of India's digital economy

Best of BS Opinion: Quick fixes cannot substitute for structural reform

We see a pattern in messages across these pieces: Temporary management can buy time, but durable change needs structural reform

1991 reforms demonstrated confidence that we could compete: Rakesh Mohan

Rakesh Mohan talks about the trajectory of India's economic development, why the reforms could be pulled off as quickly as they were, and what India can do now to boost manufacturing

Rallies and reversals since 1991: The lessons for Indian investors

Avoid leverage, respect valuations and let earnings, cash flows and balance sheet strength, not narratives, guide investment decisions

How Indian economy has transformed since the landmark 1991 reforms

By 2025-26 the primary sector's share had roughly halved to about 18%, the tertiary sector had surged to some 56% and industry sat almost exactly where it began, at around 25%

Reforms@35: India grew nine-fold, but its Asian peers grew faster

In 1991, five years into the Doi Moi reforms, Vietnam's per capita income was $141, less than half of India's. Today it is $4,829, nearly twice that of India

35 years of liberalisation: From Detroit of Asia to Chennai for the World

Three decades after liberalisation transformed its auto industry, Chennai has built a deep manufacturing and talent ecosystem and is emerging as a global hub for vehicles, components and EVs

India's defence sector reaches an inflexion point as private firms rise

Defence production has risen 140% since FY17, while private-sector output has grown 198%, as policy reforms increasingly open strategic programmes to industry.

Best of BS Opinion: Systems must build safeguards before crises hit

Weak measurement systems distort markets before trust breaks down. Artificial intelligence raises human questions long before the technology becomes impossible to govern

'Media industry has expanded India's cultural influence since 1991'

Subhash Chandra says India's media industry has become a ₹2.7-trillion powerhouse, expanded the country's global cultural influence and created millions of jobs since liberalisation

How reforms transformed D-Street into a world-class capital market

Three decades of reforms, technology and regulation have transformed India's capital markets into one of the world's most efficient, transparent and accessible investment ecosystems