Mr Reddy has cleverly hid the ill effects of socialism we underwent from late 60s to early 90s;When many countries including China,UK,Far East countries and even srilanka were opening up their markets and liberalising the Economy from early 80s,India was following pseudo Russian communism and was stagnating;we recall the long Q for Trunk calls/STD [only available in Telegraph office!,Bajaj scooters,telephone connections,colour TV,TVChannels,outdated Industrial & Economic policies throwing up rampant corruption,Licence Raj demanding all corporates to have PRO[bribe giver!]in Delhi etc; it is only when we were forced to a corner and had no hopes in 90/91,that PVN & Manmohan singh took a bold step and opened the Economy and this is the main reason for all our economic growth today.I still recall Rajivji rushing to moscow unscheduled after going to meet US President in US since our political Babus were worried that we will abandon USSR and shift to US Capitalism! Rajivji had to pacify the USSR govt at that time and the collapse of the USSR was one of the reason that drove the nation towards liberalisation of economy.Old timers will still recall JRD & Nani Palkhivala pleading for a liberal economy those days! The RBI chief has conveniently forgotten this truth.
