Also, MMS did NOT do something out of ordinary. The liberalization he chose already worked in Europe, China and elsewhere.
EVEN MMS was NOT the first choice as FM by PV Narshima Rao.
When celebrated economist IG Patel declined to become FM of India, MMS was approached.
Neither MMS did leave any original mark in the field of economy. There are tons of Indian economists who are known for their contribution like Meghnad Desai, Bhgwati, Sen, Kaushik Basu etc.
RE:Thank PV for liberalization, not MMS
by Raghu K on Jun 20, 2008 09:17 AM Permalink
What you fail to understand is how radical an approach it was that MMS took in 1991. The country was deep rooted in a socialistic, red tape driven economy and opening it up for liberalization was a very bold move. It might have been something already tried in Europe but it was almost unthinkable in India. To hell with it, making huge profit from a business was considered something bad (on moral grounds) till few years back.
I agree there are other prominent economists. But its MMS who did something to save the ailing economy not others
RE:Thank PV for liberalization, not MMS
by kalyan ram on Jun 20, 2008 08:40 AM Permalink
exactly....MMS tried to resign twice in PV narsimha rao govt unable to withstand opposition tirade against liberalization....it is PV narasimha rao who pursuaded not to resign and gave protection to MMS from opposition.....it is PV narasimha rao who had inducted MMS in to cabinet when MMS is RBI governor......PV narasimha rao is an visionary....unfortunately the entire credit goes to MMS
