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Across thee aisle: More voices against Budget provisions

20 2 29
18.02.2018

February 2018 taught me — and I hope many others — a lesson in politics: that 25 years are long enough to erase memories of the past, especially the economic past. Twenty-seven years ago, India was a closed economy.
* Imports were bad, import substitution was good.
* Tariffs were good, higher tariffs meant safer economy.
* Foreign exchange was a precious commodity, so hoard what little we had.
*Taxes were necessary, higher taxes underlined dire necessity.
*High interest rates benefit depositors and bankers, borrowers and investors be damned.

It did not matter that India was a poor country and the Indian people — the overwhelming majority — were poor. At least they were safe, or so we believed. And then happened two unlikely events. A cruel accident of history placed PV Narasimha Rao in the office of Prime Minister of India. And he appointed an unassuming scholar, Dr Manmohan Singh, as finance minister. Both had been long-serving, loyal members of the Establishment and were expected to defend the Establishment.

De-constructing the Hard Work

On July 3, 1991, India woke up to the fact that a demolition squad had assumed power in New Delhi. Brick by brick, the old structure was brought down; brick by brick, a new edifice was erected. After 27 years, it is still work-in-progress.
Unfortunately, another demolition squad seems to have insidiously burrowed its way to the........

© The Financial Express