When Manmohan spoke in his own defence

I do not want to create an illusion that we have found the solution to these problems. We have begun the arduous journey. The first steps have been taken — some success in achieving a semblance of stability. But a long journey lies ahead to control fiscal deficit, to make our public sector much more vibrant, much more competitive. Let me say that in terms of our objectives, our commitment to growth with equity, our commitment to adjustment with equity or what I described in my speech as adjustment to the human phase, I think, is firm. That is irrevocable. That is the message that is contained in the letter of intent that I sent to the IMF that we will not do anything which would put disproportionate burden on those who are not able to bear them. Whether it is the organised working class or the unorganised working class, our government is fully committed to ensure social justice to see that the costs of adjustment to a more dynamic economy are not put on the weakest shoulders. That is commitment is repeated in my letter of intent to the IMF. Once again, I reiterate that commitment.

But let me say that you cannot achieve your objectives without hard sell… Some honourable members said, ‘Are you not worried about regional imbalances?’ We are very worried about these things. But you cannot find solutions to these problems if you do not start by correcting the fiscal and balance of payments mess that we ere in June 1991. It is only if you have a sound fiscal system, a central government, which is strong enough to have surpluses, can come to the help of a state like Bihar…

Excerpted from a speech made in Parliament in December 1991