A quarter century of market reform in India: Winners and losers

A talk by Dilip Hiro

Dilip Hiro is a British author, journalist, and commentator. He has published thirty five books. He is an expert on the politics and history of West Asia and South Asia.

Background

India’s embracing of globalisation came in the wake of an international crisis. Following Iraq’s invasion and occupation of Kuwait in August 1990 and the subsequent loss of their petroleum exports, the price of oil rocketed and remittances of the reduced Indian workforce in the Gulf fell. By the spring of 1991, Delhi’s foreign exchange reserves fell to $1.21 billion, just enough to cover about two weeks of imports. The government faced the unpalatable prospect of defaulting on sovereign loans and approached the IMF for assistance, which came with strings attached.  The financial crisis gave a fillip to free marketeers who urged Prime Minister P.V. Narasimha Rao to undertake far-reaching transformation of the economy. This excerpt has been taken from Dilip Hiro’s article in The Wire. ORF Strategic Studies Head, Harsh V. Pant, will moderate the discussion. The event starts at 11:30 a.m. Read the schedule here.