P.V. Narasimha Rao: Architect of Modern India
In hindsight, what is happening today with the rise of India and China is not some miraculous novelty — as it is usually depicted in the Western press — so much as a return to the traditional pattern of global trade in the medieval and ancient world, where gold drained from West to East in payment for silks and spices and all manner of luxuries undreamed of in the relatively primitive capitals of Europe" - Why India's Rise is Business As Usual The beginning of this rise in India was in 1991, when P.V. Narasimha Rao became the Prime Minister of India after Rajiv Gandhi's assassination. Rao formed a minority Congress government and inducted Dr. Manmohan Singh as Finance Minister in his cabinet. During that time, India had a balance of payments crisis and was on a brink of default. One of the first things that Rao and Dr. Singh did was to devalue the rupee and open up the economy. Foreign capital started flowing in along with foreign goods and host of other new things starte...