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Q.

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?

Tags: india, money, education
Asked by Sankar Mitra, 05 Nov '09 10:27 am
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Answers (3)

1.

"Will the same economists will have a word of praise for MMS?"------->No sir. Then please explain this: INDIA's overall DEFICIT despite this "FDI rush" http://i33.tinypic.com/mbk9ir.jpg and please compare with CHINA: http://i37.tinypic.com/14vi9kz.jpg . Why are we having more import than export? What's the point of opening up? Look @ China, they are having a SURPLUS from "opening up" so I can understand....

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
Answered by A Moin, 11 Nov '09 09:06 pm

 
  
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2.

Dear friend,it was not during Dr.Manmohan Sing's tennure that we sold 67 MT gold but during the Prime Ministership of Late Sri Chandra Sekhar in 1989.We sold gold to make available forex to meet our import requirements.The liberalisation has made it possible to accumulate around 300 billions of forex.The entire credit should go to Sri Narsinga Rao as during his Prime Ministership,Dr.Manmohan Singh introduced liberalisation as FM.
Answered by Damodar Biswal, 05 Nov '09 10:36 am

 
  
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3.

This guy, at least, understands economics compared to other PMs.
Answered by Lumpen, 05 Nov '09 10:28 am

 
  
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