Prime Minister Manmohan Singh on Saturday ruled out the possibility of India witnessing a repeat of the 1991 balance of payments crisis and also reversing the path to globalisation of the economy.
“There is no question of going back to 1991 ( balance of payment crisis). At that time foreign exchange in India was a fixed rate. Now it is linked to market. We only correct the volatility of the rupee,” he said.
In 1991, Singh said, the country had only foreign exchange reserves for 15 days. “Now we have reserves of six to seven months. So there is no comparison. And no go question of going back to 1991 crisis.”
–PTi