The Ledger
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Rangarajan: India never sold gold in 1991, only pledged it as collateral
“We never sold gold. We only sent out gold To be used as a security akin to which we borrowed. And as soon as we repaid that thing, the gold became ours. There was no idea at any time to sell gold, to only to pledge gold and the pledge of gold borrow money.”
Rangarajan: Bank of England and Bank of Japan required gold shipped out of India
“And then we found out that the Bank of England and Bank of Japan were willing to give us a loan. But then they insisted that the goal Should come out of India.”
Rangarajan: 1991 Rupee Devaluation Was Carried Out by RBI, Not Government
“Another important thing which many people may not have noted, but I have indicated in the book is, this devaluation of the rupee was not done by the government. It was done by the Reserve Bank.”
Rangarajan: RBI and Manmohan Singh Ended Automatic Deficit Monetization in Two Steps
“I took up this issue and fortunately Dr. Manmohan Singh Who had also been previously a governor of the governor, governor of the Reserve Bank, agreed, and we revoked the earlier agreement in two steps. And therefore, the government cannot automatically now get…”
Rangarajan: 1991 Reforms Brought Outside Economists Into IAS Bureaucracy
“Somewhere around that time, it was decided that the government will also take in people from outside who are competent into the system. Essentially, the government, the was run by the bureaucrats. Particularly the civil servants, the IAS officers, and other si…”
Rangarajan: Narasimha Rao's ministry dismantled India's industrial licensing system
“So Narasimha Rao's role is also very important, and many people do not realize that Narasimha Rao at that time as prime minister was also minister in charge of industries, and therefore the whole system of controls, licenses and all were knocked down by his mi…”
Rangarajan: Inadequate Reserves in 1991 Forced Severe Import Curtailment
“We were in a situation in which our reserves were inadequate, totally inadequate, and we had to face an acute situation in which the imports had to be curtailed to a very large extent.”
Rangarajan: Pre-1991 India barred foreign investment in domestic stocks
“The other important thing that we did in the, as part of the transformation was essentially to allow foreigners to invest in India more freely than As than before, and also bring in resources from outside to invest in our stocks and, in our stock exchanges. Th…”
Rangarajan: RBI Determined Rupee Exchange Rate Daily Prior to Reforms
“The exchange rate of the, that is the value of the rupee in terms of the foreign currency, was determined by the Eruso Bank on every working day. And this is, ah, therefore the exchange rate was not determined by the, in the market, so to say.”
Rangarajan: India's annual GDP growth averaged 0.89% from 1900 to 1950
“Between 1919 50, the average annual growth rate of India was 0.89%. That is less than one percent. And at that time, population was growing at 0.84%. Therefore, per capita income almost remained stagnant over the five decades.”
Rangarajan: Prior to 1992, Indian banks did not classify non-performing loans
“Non-performing asset is because the whole, prior to 92, 93, what happened was that when The payments due were not forthcoming from the borrowers. The lenders, which means the banks, did not necessarily classify them as non-performing or performing. They were a…”