Draconian controls on the cement industry were first clamped during the Second World War, across distribution channels, purchase prices and quotas for open market sales. It was amusing, even tragic, to see the amount of tinkering that the government...
This narrative highlights two key areas pertaining to liberalization. Mr. Sanjay Gandhi recounts the difficulty in obtaining kerosene, due to stringent quotas and limits on distribution. The ‘kerosene license’ referenced to in the story, is a documen...
In November 1981, Finance Minister Venkataraman entered into negotiations with the International Monetary Fund (IMF) and borrowed a hefty SDR 5 billion to avert an impending balance of payments crisis. This was, till then, the highest amount a single...
