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Pankaj Mishra

The Socialist Push Behind India’s Capitalist Rise: Pankaj Mishra

Twenty years ago, India faced a fiscal crisis caused by profligate public spending and rising oil prices after the first Persian Gulf War. There was a risk it would default on its international payments.

The finance minister, an English-educated Sikh economist named Manmohan Singh, responded to an almost unmanageable situation by liberalizing trade and industrial policies.