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Montek Singh Ahluwalia on why the 1991 reforms were a watershed moment for India's economy

Former Planning Commission Vice-Chairman Montek Singh Ahluwalia was the Commerce Secretary when then Finance Minister Manmohan Singh presented the 1991-92 Union Budget. Soon after that, Ahluwalia moved to North Block to become the Economic Affairs Secretary and then the Finance Secretary, assisting Singh and Prime Minister PV Narasimha Rao in implementing the reforms. In an interaction with Moneycontrol’s Arup Roychoudhury, Ahluwalia reminisces about his role as part of Rao’s inner-circle of officials, the challenges they faced, and the work they had to put in.

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