Congress given credit for India Transformation 1991 - THE TRUTH.

Manmohan Singh was Chief Economic Adviser - Did not trigger Enlightenment.

Manmohan Singh was Finance Secretary - Did not trigger Enlightenment.

Manmohan Singh was RBI Governor - Did not trigger Enlightenment.

Manmohan Singh was Chairman Planning Commission - Did not trigger Enlightenment.

Manmohan Singh was rewarded with U.N. Assignment @ South Centre Geneva - Did not trigger Enlightenment.

Manmohan Singh retired in November 1990 after 3 years in Switzerland.

November 1990 - Chandrasekhar Singh Government - Yashwant Sinha became Finance Minister.

The appointment of Manmohan Singh as Economic Adviser to the Prime Minister was made to avail of his services.

After 44 years of Congress in power, Government of India was in dire straits.

Foreign Debt was $ 90 billion, FX Reserves were less than $ 354 million, Stock Markets Capitalization was less than $ 10 billion.



The Enlightenment was triggered by Yashwant Sinha - the bravado of the Gold Swap was Sinha's response in 1991.

My personal involvement commenced when Consultants from The Finance Minister met me in London at the time.

Looking for fundamental solutions to solve a perennial predicament - The Finance Minister did not wish to beg and plead.

As Citibank Vice President in European Capital Markets in London - my greatest challenge was Product Development to ensure Capital Market access to India was established, in line with The Finance Minister's directions to explore every Market Option possible.

The bravado of The Finance Minister started the First Chapter of The Enlightenment - and in 1998 Sinha came back as BJP Finance Minister.

To complete the job - both The Prologue and The Epilogue was due to Yashwant Sinha, and his bravado.

Singh was given credit. And when faced with further challenges later on as Prime Minister, Yashwant Sinha was on the other side.

Am being as honest as is possible in remembering the sequence of events that led to the 1991 India Transformation

(Fortunately have preserved all emails - to ensure that The Truth is recorded for posterity and replication when needed again)

The 1991 India Transformation was monumental - but failure to harness The Second Pillar recommended has led to another predicament.

Only The Corporate Stock Markets were opened up. The Real Estate Stock Markets as the Second (perhaps greater) Pillar were not.

China understood. China opened up BOTH - The Thirty Chinese MegaCities became China's Sensex. Real Estate was indeed greater.



Nevertheless. India was transformed.

2017 : FX Reserves are $ 354 billion Stock Markets Capitalization is $ 2000 billion Foreign Debt is a mere footnote.

JS

