Journalism of Courage
July 1, 2016 marked the 25th year of the historic devaluation of the Rupee that set in motion the irreversibile process pf opening the Indian economy. The Indian Express speaks to those who unclocked the power of change to ask what then -- and what now.
A look at the front page of the Indian Express on July 2, 1991, announcing the devaluation.
Reflecting on the reforms that he, working with Prime Minister P V Narasimha Rao, set in motion, Singh opened up to The Indian Express, in a rare conversation earlier this year, as he mapped the road ahead: opposition from within, role of the Prime Minister’s “political management,” fear of “blood and tears,” and the crying “need to revisit old orthodoxies.”
READ Excerpts of Manmohan Singh's full interview here
A look at the Indian Express front page on July 3, 1991 on how to revamp the export policy.
The dramatic changes in trade policy on July 3-4, 1991 set the stage for sweeping changes in the way India engaged with the world. Key to this was then commerce minister in the Narasimha Rao government P Chidambaram and his team, who worked on a new policy to open up trade, boost exports, help foster a more competitive industry.
The trade policy unveiled then led to freer imports in a country “weaned on import pessimism”. Chidambaram also played an influential role in re-drafting of the Industrial Policy of 1991 which freed Indian industry and opened up foreign investment.
READ Excerpts of P. Chidambaram's full interview here
A look at the Indian Express front page on July 4, 1991 on how there was a steep depreciation of Rupee, and how the Opposition reacted to the newly formed policies.
A look at Indian Express front page on July 5, 1991 on how new trade policies were implemented and how P Chidambaram was key to it.
