1991 Economic Reforms Could Have Started In 1981, Says Chidambaram
· India · The Hindu, Bloomberg
Former Union Minister P. Chidambaram stated that India's economic liberalization could have begun a decade earlier in 1981, but political opposition prevented Prime Minister Indira Gandhi from enacting the reforms. Speaking in Chennai, he noted that similar efforts failed in 1985 when Prime Minister Rajiv Gandhi faced an unconducive political environment. Chidambaram explained that before 1981, the absence of a rules-based global order and institutions like the WTO prevented developing nations from successfully adopting open market economies. He also noted that during the era of Swatantra Party founder C. Rajagopalachari, India lacked the necessary capital and technology to sustain an open economic system.
Why it matters
Provides historical context on India's economic policy trajectory from senior political figures, shedding light on the political and structural hurdles that delayed liberalization.
Read the original report — The Hindu
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