To tide over foreign exchange crisis, in 1991, India sold 67 MT of gold. Man Mohon Singh was severely criticized by many economists (including Asoke Mitra) and the forecast was that we shall become bankrupt due to such wrong policies. Luckily, since 1991, all governments stuck to the same policy and as a result we have today 285 Billion Dollars in our foreign exchange kitty and have bought 200 MT of gold. Will the same economists will have a word of praise for MMS?
I praise NONE NONE NONE of these reformers 'coz those ppl may have triggered a violent overthrow of system in longer run scale w/ their short sightedness in "opening up." U Open up when national industry is stabilized. And when it has catered to FULL national demand in agrarian & tier ii / iii area towns. When u have that steady & a "bare level" in cities, THEN u open up!
Sir, let's say your son wanted a Benz car. Nothing wrong in that wish. And let's say you owned "Mitra's & Co" factory. Worth 1 crore. How would u suggest he buy it? Either by bartering ur factory's assets li ...more