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24 July 1991: The day that changed India. The budget speech on that day set in motion reforms that have changed the face of India. Growth-centred economic reforms helped India break the shackles of a socialist economy. For the first time since independence, India observed sustained average GDP growth of 7% for two decades.
What circumstances led to the cascade of reforms in 1991? Had the reforms been brewing in the corridors of power since much before 1991? Were these reforms bold, deep, and decisive? Why have the reforms run out of steam in the past decade? Any lessons for contemporary India dealing with the post-pandemic economic crisis?
Dr Montek Singh Ahluwalia, a leading architect of the 1991 reforms, has been a key protagonist in the story of India's economic transformation for over four decades. He was in the room where it happened. Marking the 30th anniversary year of the momentous economic liberalisation, he will share an insider’s view on what led to the fateful budget speech of July 1991, and the events it set in motion.
Professor Miglani has 35 years of experience in the field of marketing research and consumer insights and has worked across the domain including market research, consumer behaviour, customer engagement, and research-based marketing consulting. He did Post Graduate Programme in Management from Indian Institute of Management, Ahmedabad in 1983.