How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
How the 1991 crisis got India to rethink its economic approach.
By early 1991, India’s reserves were nearly gone.
The government took a desperate step—it sent 67,000Kg of gold abroad to secure a loan from the IMF.
This was a last-ditch effort to avoid default, but it only bought a little time. But soon, the govt collapsed again, leading to a new election.
In June 1991, P.V. Narasimha Rao became Prime Minister, and he chose Manmohan Singh as his Finance Minister— and things changed.
Rao and Singh quickly implemented reforms: they removed restrictive licensing, welcomed foreign investment, and…
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