Bull, Boom, Bust!

APRIL 2, 1992. On the morrow of All Fools' Day, the 'Ayodhya' of Indian capital, the Bombay Stock Exchange, revealed the first ugly chinks in its armour. The BSE's

Operation SAP II: Grave New World

HAVING ALREADY carried out or at least firmly initiated the core of the structural adjustment programme, namely, devaluation and partial convertibility of the rupee, removal of almost all checks on

Dollar-Rupaiya, Bhaiya-Bhaiya?

NOW LFT us note some of the major political implications and lessons of the new economic regime. Firstly, the changes in economic policy are supplemented by a matching shift in

The Genesis

Over two centuries after a motley caucus of treacherous princes, merchants and feudal lords sold the subcontinent to the British, their present-day progeny have done one better by selling the

Calendar of Capitulation

JUNE 21, 1991. Pamulaparti Venkata Narsimha Rao is sworn in as the Ninth Prime Minister of India. Heading a minority Congress(I) government at the Centre. The Finance portfolio goes to

“IMF Lao, Desk Bech Aao!”

WHAT ARE the official excuses and arguments being touted in defence of this drastic move described as a 'revolution' of sorts by the media? Let us take you to one

Flashback 1981

DID YOU find anything new in these arguments and assurances? Didn't you hear the same clamour in 1981 when we had our first big brush with the IMF and more

Sabse Chhota Rupaiya!

LET US start with the first salvo fired by the new Finance Minister – devaluation. With two strokes of the pen, the Indian rupee, and hence Indian goods, have been

India Pepsified

ALONG WITH devaluation and trade liberalisation, the third crucial component of the present package of structural reforms is the new industrial policy. Backed up by the budget and supplementary provisions

Budget 1991: Quack, Quack!

WHILE ANNOUNCING its unabashedly market-friendly new policy package, the government has also added a footnote that care will be taken to provide a safety net for the vulnerable sections of

The Way Out

ONLY IMF! That is the current slogan of the ruling political, economic and intellectual establishment in the country. And the attempt is to desperately evolve a popular national consensus around

A Crow in Peacock Feathers?

OUR GOVERNMENT of course does not accept the very existence of any IMF-laid debt trap or the fact that a package of IMF conditionalities is being imposed on us. Obediently

No Passaran!

EVIDENTLY, THE issue of an IMF loan is not just a question of finding a quick solution to an immediate crisis. IMF symbolises a strategy. The strategy which says self-reliance

Glossary: Beyond the Jargon

AGRICULTURE: The mainstay of the country's economy, agriculture in India is a sector riddled with paradoxes. Contributing a smaller and smaller share of national income every passing year it continues nevertheless