1991 reforms could have begun in 1981, but not during Rajaji’s time, says Chidambaram

Former Union Minister P Chidambaram has suggested that India's 1991 economic reforms could have started earlier, but not during the tenure of former Governor-General C Rajagopalachari. This is because before 1981, wealthy countries claimed to support open market economies, but lacked a rules-based global order to allow developing nations to follow suit. This absence of a level playing field hindered India's ability to adopt similar economic policies, potentially delaying the country's economic reforms.

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The statement is a historical reflection on India's economic reforms. It does not indicate any current or future changes in policy that could affect markets.

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