When Manmohan Singh rose in the Lok Sabha on 24 July 1991 and declaimed that no power could stop an idea whose time had come, he was only partially correct. In India, it is a rare Finance Minister who has ever had a clean slate to leave the imprint he desires. Even Singh’s reforms were a product of adverse circumstances that forced him to innovate. Just a year before, Madhu Dandavate, who presented the last complete Budget before Singh, was content with railing against “conspicuous consumption”, “black marketeers” and issuing other socialist homilies.
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