By Jairam Ramesh
1991 was once India’s ‘Greece moment’. It confronted an unparalleled monetary problem opposed to the backdrop of political uncertainty and crumbling investor self belief. On 21 June 1991, P.V. Narasimha Rao grew to become major minister and appointed Dr Manmohan Singh as finance minister. In under thirty-five days, the Rao-Singh duo ushered in momentous adjustments in monetary policy—those that reworked the country.
To the threshold and again is the 1st account of the weeks of fast paced switch, narrated by way of an insider—a key aide of the top minister, uniquely located either to take part and notice. It includes brisk bills of the early days of survival; the compulsions and convictions that propelled a paradigm shift in India's monetary coverage; and the ups and downs, twists and turns within the saga of economic reform.
Along with the author’s astute insights, the publication holds key files and notes, positioned for the 1st time within the public area; the non-public papers of Narasimha Rao; deepest conversations with Manmohan Singh; Parliament court cases; and the mins of seminal Congress conferences. Coming because it does at the eve of the silver jubilee of India’s financial liberalization, To the threshold and again will allure not just to political background fanatics but in addition to those that desire to know the way international locations should be led from the edge to a notably new financial destiny.
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Additional resources for To the Brink and Back: India's 1991 Story
It was easy to miss out on the consequences of minor accidents that happened sporadically and whose long-term effects were uncertain. Therefore, “events” projected into an uncertain future could not capture the “potential” character of hazards. But it is important to remember that the hazards went undetected primarily for the community living near the factory, because they did not possess the means for detection. In a sense the most important lesson of Bhopal was that detection of hazards is not merely a scientific process, involving dissemination of specialized knowledge or the question of who controls information.
It first entered India in 1905 as the National Carbon Company (India) Ltd and subsequently became Union Carbide India Ltd (UCIL). After 1947, the year of India’s independence, UCIL started diversifying from the manufacture of battery cells in its modern plant in Calcutta to the distribution of a wide variety of chemicals, plastics, and allied products. It opened facilities in other metropolitan cities. In 1968, UCIL shifted its agricultural products division from Mumbai to Bhopal, the state capital of Madhya Pradesh (MP).
The company brochures continued to draw an optimistic picture for the plant’s future despite the cutbacks. It was a double bind. The brochures were meant only for the technocrats and not for the local residents. So, specialized knowledge of the company circulated in 22 / Surviving Bhopal closed-door forums. The conscious attempt was to keep scientific knowledge apart from issues that were viewed as polemical. At the same time, promotional literature was widely disseminated for the sole purpose of advertising the plant as safe.