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TO THE BRINK AND BACK: India's 1991 Story
The book, The Brink and Back, is an account of the events leading to the path-breaking economic liberalisation unveiled by Rao’s government with Manmohan Singh as the Union finance minister
224 pages, Paperback
First published September 11, 2015
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September 8, 2017
The year was 2011. It was the final match of the Cricket World Cup. India were in trouble, chasing a steep target. The Indian captain, first bailed the team out with a calm, calculated performance and then sent the ball sailing across the ropes, sealing a victory that gladdened the hearts of a billion Indians.
Now, imagine one of the support staff from the team deciding to write a book about that emphatic win. Also imagine the 'support staff' claiming that the captain was unsure about what he was doing and just happened to be in the middle at that moment to simply partake in the glory which was already in India's grasp. AND, imagine this too - the 'support staff' claiming that it was only because he, the 'support staff', went to the middle often and supplied the players with drinks, gloves and suggestions, that the team won the cup. Whatever your reaction is, please ensure to make Mr. Jairam Ramesh the subject of your reaction, because that is exactly what he has tried to do in this book.
The year wasn't 2011 but 1991. It wasn't the high-glam arena of Cricket but the volatile world of politics. The captain was none other than Shri P.V. Narasimha Rao. India were facing much worse, real troubles, two decades before that high-voltage evening. Indian economy was in shambles. There was no political stability. Her creditworthiness was at an all-time low. Her credibility was to be lost forever. It was in such a critical juncture that the 'captain' Narasimha Rao stepped in and changed the pace of the game and face of Indian economy.
Jairam Ramesh, who went on to occupy some senior ministerial positions himself later on, was one of the support staff in Mr.PV's team at that time. I hoped that that alone was reason enough to buy this book, since Mr.Jairam Ramesh promised a 'ringside' view, having had access to private conversations, notes and documents pertaining to the 1991 liberalisation of Indian economy. Being a politician, Jairam just promises a lot only to deceive.
To begin with, the author does not think of PV as someone who made decisions that mattered. According to him, PV was indecisive and uncertain. All the good work was done by Dr.Manmohan Singh and PV just happened to be the PM that shared the credit. That's all. You might wonder whether Jairam had any grudges against PV to write such things. Seems he really did have. Getting almost all his drafts ignored by PV and finally having been 'ignominiously' transferred out of the team, both seem to be grouses that Jairam carries against PV to write in such a manner.
His loyalty to Rajiv and Indira is clearly reflecting in his biased writing. He credits Rajiv Gandhi with many of the measures implemented by PV and Dr.Manmohan Singh. According to him Rajiv himself would have undertaken all those measures were he alive in 1991. Honest historians and economists have different takes though. Also, he squarely blames the previous two PMs - VP Singh and Chandrashekar - for the disastrous state of economy. Somebody should remind Mr. Jairam that the 'license-permit-raj' was protected, and even nurtured, to a large extent by Mrs. Indira Gandhi and her coterie, leading to large scale corruption and red-tape that had choked Indian industry for a long time.
Another annoying, and even immature, aspect is how Jairam projects himself as the mastermind to whom the bigwigs often turned for suggestions and ideas. 'He asked my guidance for this', 'I suggested him this', 'he took my advice', 'I made this joke' - these are all things you expect some self-centred imbecile to write. Not someone who occupied some top positions in the country!
Just by having put together superfluous footnotes, flurry of 'official documents', interviews and quotes - that only hamper the flow - Mr. Jairam may think that he has produced a masterpiece. But this work is simply incoherent and immature, faring no better than a dull-witted political student's patchy project report.
Now, imagine one of the support staff from the team deciding to write a book about that emphatic win. Also imagine the 'support staff' claiming that the captain was unsure about what he was doing and just happened to be in the middle at that moment to simply partake in the glory which was already in India's grasp. AND, imagine this too - the 'support staff' claiming that it was only because he, the 'support staff', went to the middle often and supplied the players with drinks, gloves and suggestions, that the team won the cup. Whatever your reaction is, please ensure to make Mr. Jairam Ramesh the subject of your reaction, because that is exactly what he has tried to do in this book.
The year wasn't 2011 but 1991. It wasn't the high-glam arena of Cricket but the volatile world of politics. The captain was none other than Shri P.V. Narasimha Rao. India were facing much worse, real troubles, two decades before that high-voltage evening. Indian economy was in shambles. There was no political stability. Her creditworthiness was at an all-time low. Her credibility was to be lost forever. It was in such a critical juncture that the 'captain' Narasimha Rao stepped in and changed the pace of the game and face of Indian economy.
Jairam Ramesh, who went on to occupy some senior ministerial positions himself later on, was one of the support staff in Mr.PV's team at that time. I hoped that that alone was reason enough to buy this book, since Mr.Jairam Ramesh promised a 'ringside' view, having had access to private conversations, notes and documents pertaining to the 1991 liberalisation of Indian economy. Being a politician, Jairam just promises a lot only to deceive.
To begin with, the author does not think of PV as someone who made decisions that mattered. According to him, PV was indecisive and uncertain. All the good work was done by Dr.Manmohan Singh and PV just happened to be the PM that shared the credit. That's all. You might wonder whether Jairam had any grudges against PV to write such things. Seems he really did have. Getting almost all his drafts ignored by PV and finally having been 'ignominiously' transferred out of the team, both seem to be grouses that Jairam carries against PV to write in such a manner.
His loyalty to Rajiv and Indira is clearly reflecting in his biased writing. He credits Rajiv Gandhi with many of the measures implemented by PV and Dr.Manmohan Singh. According to him Rajiv himself would have undertaken all those measures were he alive in 1991. Honest historians and economists have different takes though. Also, he squarely blames the previous two PMs - VP Singh and Chandrashekar - for the disastrous state of economy. Somebody should remind Mr. Jairam that the 'license-permit-raj' was protected, and even nurtured, to a large extent by Mrs. Indira Gandhi and her coterie, leading to large scale corruption and red-tape that had choked Indian industry for a long time.
Another annoying, and even immature, aspect is how Jairam projects himself as the mastermind to whom the bigwigs often turned for suggestions and ideas. 'He asked my guidance for this', 'I suggested him this', 'he took my advice', 'I made this joke' - these are all things you expect some self-centred imbecile to write. Not someone who occupied some top positions in the country!
Just by having put together superfluous footnotes, flurry of 'official documents', interviews and quotes - that only hamper the flow - Mr. Jairam may think that he has produced a masterpiece. But this work is simply incoherent and immature, faring no better than a dull-witted political student's patchy project report.
January 14, 2022
Let us cut to the chase. If you want to read a detailed account of India’s 1991 economic liberalization, Backstage: The Story Behind India’s High Growth Years is an excellent book, to begin with. As an insider heading the Planning Commission, Montek Singh Ahluwalia had given a splendid narration of the events that unfolded in the first half of 1991. Another insider who had given a much clearer picture of the LPG reforms was P Chidambaram, then Minister of Commerce. His Indian Express Columns in 2016, the year that marked the 25th anniversary of economic reforms, carried a detailed analysis of a crisis that turned out to be a big opportunity. Four events lead to the economic crisis in early 1991. They were:
i. The Gulf War, leading to the increase in oil prices.
ii. India’s abysmal foreign exchange reckoned just to cover two weeks of import.
iii. Bulgeoning debts from earlier international aids.
iv. Inflation at 16% (However, it had earlier touched 26% under Indira Gandhi).
To tackle this crisis, the tactical Rao-Singh duo took four drastic steps which were politically controversial at that time, considering the socialistic mindset that prevailed among the people and also the minority nature of the Union Government. The four measures were:
i. Two-step devaluation of the rupee.
ii. Seeking monetary assistance from the IMF
iii. Pawning the Gold reserve for short-term borrowing to keep the imports afloat.
iv. Liberalisation of the trade and industrial policies.
In short, this is the story of India’s economic liberalization. Jairam Ramesh, as an insider who watched these events unfold in the Parliament, couldn’t bring much substance to the table apart from certain official notings and interviews, which makes the narration somber. For the same reason, Montek Singh’s narration of this historic moment in his book ‘Backstage’ was gripping, and I highly recommend it for people interested in India’s economic history. This story of the reclamation of our country from the verge of bankruptcy should be said in a tone that invokes a sense of optimism and should be analyzed well so that the current and future generations will understand how India’s growth was stymied by closed economic policies (especially in the late 70s) which proved detrimental. We read history so that we do not repeat the same mistakes.
Jawaharlal Nehru said, “the instrumentalities much be adjusted to changing circumstances”. Throughout the time when these reforms were carried out, the Communists raised a great hue and cry that these reforms will take away the jobs of the locals. Before I conclude, I shall reproduce a small portion of the parliamentary debate that took place in 1991 around this topic:
PM Rao: If you have a washing machine, how many people are you throwing out of employment? The only thing is, if you have lakh washing machines being made, to how many people you are giving employment on the other side?
Chatterjee, West Bengal, CPM: Instead of using those resources to produce washing machines, they could be utilized for other purposes…
PM Rao: That is the point. If you remain in this mindset, we will remain a country of maid-servants only. You are condemning our womenfolk to the life of drudgery permanently. Let her be educated, she will refuse to do the washing. It is simple to say, ‘you are throwing people out of employment'. But, what kind of employment?
i. The Gulf War, leading to the increase in oil prices.
ii. India’s abysmal foreign exchange reckoned just to cover two weeks of import.
iii. Bulgeoning debts from earlier international aids.
iv. Inflation at 16% (However, it had earlier touched 26% under Indira Gandhi).
To tackle this crisis, the tactical Rao-Singh duo took four drastic steps which were politically controversial at that time, considering the socialistic mindset that prevailed among the people and also the minority nature of the Union Government. The four measures were:
i. Two-step devaluation of the rupee.
ii. Seeking monetary assistance from the IMF
iii. Pawning the Gold reserve for short-term borrowing to keep the imports afloat.
iv. Liberalisation of the trade and industrial policies.
In short, this is the story of India’s economic liberalization. Jairam Ramesh, as an insider who watched these events unfold in the Parliament, couldn’t bring much substance to the table apart from certain official notings and interviews, which makes the narration somber. For the same reason, Montek Singh’s narration of this historic moment in his book ‘Backstage’ was gripping, and I highly recommend it for people interested in India’s economic history. This story of the reclamation of our country from the verge of bankruptcy should be said in a tone that invokes a sense of optimism and should be analyzed well so that the current and future generations will understand how India’s growth was stymied by closed economic policies (especially in the late 70s) which proved detrimental. We read history so that we do not repeat the same mistakes.
Jawaharlal Nehru said, “the instrumentalities much be adjusted to changing circumstances”. Throughout the time when these reforms were carried out, the Communists raised a great hue and cry that these reforms will take away the jobs of the locals. Before I conclude, I shall reproduce a small portion of the parliamentary debate that took place in 1991 around this topic:
PM Rao: If you have a washing machine, how many people are you throwing out of employment? The only thing is, if you have lakh washing machines being made, to how many people you are giving employment on the other side?
Chatterjee, West Bengal, CPM: Instead of using those resources to produce washing machines, they could be utilized for other purposes…
PM Rao: That is the point. If you remain in this mindset, we will remain a country of maid-servants only. You are condemning our womenfolk to the life of drudgery permanently. Let her be educated, she will refuse to do the washing. It is simple to say, ‘you are throwing people out of employment'. But, what kind of employment?
September 30, 2015
Despite being privy to discussions and confabulations that changed the course of Indian Economy, Jairam Ramesh fails to recreate those magical moments in his book. Official notes have been quoted to drive home his points but do not make for a very interesting reading. With so much already written about this period, the author indeed had a difficult task at hand. Hence, he perhaps attempted to provide an "insider's view" to what had happened. He does come up with some revelations but even these are not good enough to keep the reader hooked
October 29, 2015
January 1991 was the year when India was in acute economic crisis with only about 900 million dollars in foreign exchange reserves. The thumb rule is that the nation must have at least enough reserves to cover three months of import bills whereas India had only enough for a couple of weeks. It was at this time that the new Congress government, a minority government at that, assumed power in New Delhi, with Narasimha Rao as the Prime Minister. Rao was the first ever PM from southern India since India’s independence and it was widely speculated that he would be only a figurehead, with real power being exercised from behind the curtains by the seasoned stalwarts in Congress. This book by Jairam Ramesh, who had a key role in the Prime Minister’s Office (PMO) during that time, is the story of how Rao, jointly with his Finance Minister Dr. Manmohan Singh, overcame the crisis by firmly putting his stamp on what transpired over the next three months in laying the foundations for radically transforming the Indian economy and integrating it with the Globalized world. Ramesh’s academic credentials to write about those three months is beyond question, especially given the ringside seat he occupied in the PMO.
Though I knew that India was in a deep crisis in 1991, I had no idea as to what caused it. Was it due to inept management of the economy by the previous governments of Rajiv Gandhi, V.P.Singh and Chandrasekhar? Or was it something more fundamental? Ramesh explains the causes of the crisis in the second chapter itself. Briefly, it was as follows:
Reason 1: The first Gulf War of Aug 1990 resulted in trebling of oil prices. War caused India’s exports to Iraq and Kuwait to halt thereby losing $500 million. Further, India had to repatriate thousands of its labor from these countries, affecting their dollar remittances to India.
Reason 2: The Mandal Committee recommendations in favor of the Backward Castes in Oct,1990 caused substantial political instability, particularly in northern India, and this caused non-resident Indians to withdraw their deposits from Indian banks to the tune of nearly a billion dollars by Apr-Jun 1991.
Reason 3: Inflation rocketed from 6.7% in the mid 80s to 16.7% by Aug 1991 making our exports expensive and non-competitive.
Reason 4: India’s short-term external debt had ballooned to $8.5 billion while our foreign exchange reserves, including gold, were just $5.8 billion in March 1991.
The subsequent chapters describe the tumultuous three-month period till Aug 1991 as to how Rao’s cabinet swung into action to push through revolutionary reforms in spite of being a minority govt and facing substantial opposition from not only within the Congress party and the Left but from the opposition BJP as well, which paid only lip service to reforms but in reality tried to make political capital out of ‘the Congress party straying away from the Nehruvian legacy’ charge! What fascinated me most was the way Rao and Manmohan Singh enlisted the backing of naysayers within the party, the media and the opposition to push through the reforms by constantly engaging with them and insisting on the national importance of not losing our economic independence by defaulting on our loan payments. Whether it is the devaluation of the rupee or the transfer or sale of Gold reserves, removal of controls in licensing, linking non-essential imports to exports, policy and institutional reforms in accelerating exports, the govt showed its skills in passing them through Parliament in the face of much opposition in favor of the status quo. Funnily, the entire economic reforms program was conceived and executed without the full active participation of the Finance secretary or the Chief economic adviser!
Apart from this main story, there are a couple of other interesting anecdotes as well in the book. After the devaluation of the rupee, Dr.Manmohan Singh was worried that his personal rupee balance, borne out of a modest dollar savings from a South Commission stint in Geneva during 1987-90, would swell due to the change in the exchange rate. Therefore he informed the PM that the ‘windfall gains’ would be deposited in the Prime Minister’s relief fund. It is a shame on the present Modi govt in India to insinuate that this man could be corrupt. The other inexplicable thing that Ramesh writes about is the extent to which Narasimha Rao listened to his Guru Chandraswami! Apparently, Chandraswami had convinced Narasimha Rao that India can tide over the immediate financial crisis in 1991 because Chandraswami's buddy, the Sultan of Brunei, had agreed to extend a line of credit to India at the most concessional terms without questions. Rao took it very seriously because he had a plane ready to fly Dr.Singh to Brunei for this! Thankfully, Manmohan Singh managed to convince the PM at the last minute that it would be a foolhardy adventure!
Finally, there is much criticism about the Congress Party not giving Narasimha Rao his due during the past decades. One must remember however, that Rao allowed the Babri Masjid to be demolished and this resulted in Congress losing the support of Indian muslims for the past twenty five years. The party hasn’t forgiven him for this yet, it looks, even though this book is some consolation.
Ramesh concludes with some well-balanced remarks towards the end. Whether one believes in the Tolstoyan perspective of history that individuals do not matter and only circumstances do or the contrary view that it is individuals who create history, Ramesh says that what got accomplished in June-July 1991 was inevitable if our goal was to avoid the opprobrium of default. The Rao-Singh duo was at the right place at the right time, having neither bargained nor lobbied for the responsibilities they faced. But they seized the day and the rest, as they say, is history!
The book is fast-paced and written with an openness and frankness that one does not associate with the Indian political class. Highly recommended.
Though I knew that India was in a deep crisis in 1991, I had no idea as to what caused it. Was it due to inept management of the economy by the previous governments of Rajiv Gandhi, V.P.Singh and Chandrasekhar? Or was it something more fundamental? Ramesh explains the causes of the crisis in the second chapter itself. Briefly, it was as follows:
Reason 1: The first Gulf War of Aug 1990 resulted in trebling of oil prices. War caused India’s exports to Iraq and Kuwait to halt thereby losing $500 million. Further, India had to repatriate thousands of its labor from these countries, affecting their dollar remittances to India.
Reason 2: The Mandal Committee recommendations in favor of the Backward Castes in Oct,1990 caused substantial political instability, particularly in northern India, and this caused non-resident Indians to withdraw their deposits from Indian banks to the tune of nearly a billion dollars by Apr-Jun 1991.
Reason 3: Inflation rocketed from 6.7% in the mid 80s to 16.7% by Aug 1991 making our exports expensive and non-competitive.
Reason 4: India’s short-term external debt had ballooned to $8.5 billion while our foreign exchange reserves, including gold, were just $5.8 billion in March 1991.
The subsequent chapters describe the tumultuous three-month period till Aug 1991 as to how Rao’s cabinet swung into action to push through revolutionary reforms in spite of being a minority govt and facing substantial opposition from not only within the Congress party and the Left but from the opposition BJP as well, which paid only lip service to reforms but in reality tried to make political capital out of ‘the Congress party straying away from the Nehruvian legacy’ charge! What fascinated me most was the way Rao and Manmohan Singh enlisted the backing of naysayers within the party, the media and the opposition to push through the reforms by constantly engaging with them and insisting on the national importance of not losing our economic independence by defaulting on our loan payments. Whether it is the devaluation of the rupee or the transfer or sale of Gold reserves, removal of controls in licensing, linking non-essential imports to exports, policy and institutional reforms in accelerating exports, the govt showed its skills in passing them through Parliament in the face of much opposition in favor of the status quo. Funnily, the entire economic reforms program was conceived and executed without the full active participation of the Finance secretary or the Chief economic adviser!
Apart from this main story, there are a couple of other interesting anecdotes as well in the book. After the devaluation of the rupee, Dr.Manmohan Singh was worried that his personal rupee balance, borne out of a modest dollar savings from a South Commission stint in Geneva during 1987-90, would swell due to the change in the exchange rate. Therefore he informed the PM that the ‘windfall gains’ would be deposited in the Prime Minister’s relief fund. It is a shame on the present Modi govt in India to insinuate that this man could be corrupt. The other inexplicable thing that Ramesh writes about is the extent to which Narasimha Rao listened to his Guru Chandraswami! Apparently, Chandraswami had convinced Narasimha Rao that India can tide over the immediate financial crisis in 1991 because Chandraswami's buddy, the Sultan of Brunei, had agreed to extend a line of credit to India at the most concessional terms without questions. Rao took it very seriously because he had a plane ready to fly Dr.Singh to Brunei for this! Thankfully, Manmohan Singh managed to convince the PM at the last minute that it would be a foolhardy adventure!
Finally, there is much criticism about the Congress Party not giving Narasimha Rao his due during the past decades. One must remember however, that Rao allowed the Babri Masjid to be demolished and this resulted in Congress losing the support of Indian muslims for the past twenty five years. The party hasn’t forgiven him for this yet, it looks, even though this book is some consolation.
Ramesh concludes with some well-balanced remarks towards the end. Whether one believes in the Tolstoyan perspective of history that individuals do not matter and only circumstances do or the contrary view that it is individuals who create history, Ramesh says that what got accomplished in June-July 1991 was inevitable if our goal was to avoid the opprobrium of default. The Rao-Singh duo was at the right place at the right time, having neither bargained nor lobbied for the responsibilities they faced. But they seized the day and the rest, as they say, is history!
The book is fast-paced and written with an openness and frankness that one does not associate with the Indian political class. Highly recommended.
May 4, 2019
Avoidable Book
Lot of Self Proclaimation and low on substance. It doesn't give the much needed peep into those turbulent days .
Lot of Self Proclaimation and low on substance. It doesn't give the much needed peep into those turbulent days .
September 14, 2016
This book - an account of events taking place around 1991's economic liberalisation - falls short of an interesting read. Author has spent too many pages quoting his personal notes, news articles, parliament sessions and press conferences which are dull. Some paragraphs around Manmohan Singh and the last chapter describing Narasimha Rao were pleasant reads. But, overall, author fails to create the ecstasy around such big event.
September 27, 2016
Earlier i was sceptical to read this book, because i wanted to avoid reading anything sycophantic.
I must say wasn't surprised. I have read a lot about India's liberalisation, and also about Manmohan Singh and PV Narsimha Rao. I was expecting a little more from this book, since this has been written by an Author who was there. But it has dissapointed me. There are so many boring Official Reports that you will just want to skip the pages.
I must say wasn't surprised. I have read a lot about India's liberalisation, and also about Manmohan Singh and PV Narsimha Rao. I was expecting a little more from this book, since this has been written by an Author who was there. But it has dissapointed me. There are so many boring Official Reports that you will just want to skip the pages.
February 4, 2017
Not as good as I had expected. The writer seems to be pre-occupied with himself most of the time. He seems too reluctant to give even thrifty credit to PM Rao while showering extravagant on his Congress comrades.
July 15, 2016
Jairam Ramesh makes two incredibly superior points by repeatedly dwelling upon the following facets.
1. That the Prime Minister PV Narasimha Rao many times commissioned him to write his draft speeches and never used them.
2. That he was a part of discussions by several people who all agreed with what needs to be done and repeatedly said the same things over and over again.
Knowing these two things have made me highly knowledgeable about the circumstances in which India went to the brink and made its way back. Now the world has suddenly become a better place and my fears about Government being actually a proactive development oriented have been allayed. Peace atlast. Wasting my money on this book gave me immense satisfaction. I will keep this book as secret as possible as it contains the most valuable truths of the universe.
×~+₹+₹*$*$/₹×#*#(@÷~{₹+$&$+|/|
1. That the Prime Minister PV Narasimha Rao many times commissioned him to write his draft speeches and never used them.
2. That he was a part of discussions by several people who all agreed with what needs to be done and repeatedly said the same things over and over again.
Knowing these two things have made me highly knowledgeable about the circumstances in which India went to the brink and made its way back. Now the world has suddenly become a better place and my fears about Government being actually a proactive development oriented have been allayed. Peace atlast. Wasting my money on this book gave me immense satisfaction. I will keep this book as secret as possible as it contains the most valuable truths of the universe.
×~+₹+₹*$*$/₹×#*#(@÷~{₹+$&$+|/|
December 10, 2015
An extremely disappointing attempt of self glorification by an overtly narcissistic guy I thought was an intellectual powerhouse! Hey jairam, can i have my money back?
June 19, 2018
Nothing much interesting... I thought this one of the historical events in India history could be interesting by hearing from one of the insiders but the author fails to surprise and thrill.
August 8, 2020
I picked up this book with very low expectations but the extent of Jairam Ramesh's incompetence and sycophancy did end up amazing me. For whatever reasons, he was privy to the publicly inaccessible information and interactions with those in the powerful circles, and he doesn't forget to remind the reader about the same. Alas, one can see that even though a Brahmin identity can get someone an entry in the Brahminical political power structure that we have, they will remain useless if they lack any real talent. Such is the case with Jairam Ramesh.
The book doesn't do service to its title; one would expect to read about the causes of the crisis in a greater depth so that the countervailing measures could be better elaborated. There is also no real discussion over the rebuttals and challenges posed by the opposition with regards to new policies proposals by the Singh-Rao. Some appendices at the end have more interesting material than entire chapters in the book.
Most of the text is full of hero-worship of previous Congress leadership, Dr Manmohan Singh, and the apple of Jairam's eye, PV Narshimha Rao. If anyone wants a serious treatment of the Balance of Payments issue, I'd highly recommend that they skip this "memoir". Read it only if you have a particular aim of contrapuntal study in mind.
The book doesn't do service to its title; one would expect to read about the causes of the crisis in a greater depth so that the countervailing measures could be better elaborated. There is also no real discussion over the rebuttals and challenges posed by the opposition with regards to new policies proposals by the Singh-Rao. Some appendices at the end have more interesting material than entire chapters in the book.
Most of the text is full of hero-worship of previous Congress leadership, Dr Manmohan Singh, and the apple of Jairam's eye, PV Narshimha Rao. If anyone wants a serious treatment of the Balance of Payments issue, I'd highly recommend that they skip this "memoir". Read it only if you have a particular aim of contrapuntal study in mind.
November 6, 2017
I had heard Ramesh at a management convention extolling the role played by Narasimha Rao in turning around the country's economic fortunes in 1991. But in the book, he equivocates in his praise for Rao's role and personality while being liberal in his praise for Singh. Perhaps he was under pressure to toe the Congress party's line. Despite having worked so closely with Rao, Ramesh seems to almost defend Rao's humiliation by his party.
The narrative style is also jarring. It looks more like a Government report with many boilerplate quotes.
Despite his denial in the Note of Thanks, Ramesh has 'etched his name like a schoolboy on a small tree in the forest that is history'.
The narrative style is also jarring. It looks more like a Government report with many boilerplate quotes.
Despite his denial in the Note of Thanks, Ramesh has 'etched his name like a schoolboy on a small tree in the forest that is history'.
March 17, 2016
Average-ish. Thought many of the stories building up to the moment had promise, but the characters lacked depth - the book had enough material to potentially be at the level of 'Indian Summer' (which I enjoyed). Also, Ramesh's frequent, thinly veiled attempts at clearing the record and righting insignificant wrongs done to him three decades after the event were quite amusing.
July 3, 2016
Jairam Ramesh provides an insider perspective to the 1991 financial crisis that India faced. Having read a large amount of material on the crisis, Ramesh did not have much to offer. The novelty of this book is that it shows us the decision making process which went behind the reforms.
May 6, 2018
Given that the author is part of the economy change that the entire planning, there is more that this book should have offered the readers.
January 31, 2022
A (too) short account of the period between June and August 1991 when the Rao-Singh duo pulled India back from the precipice of bankruptcy. Its brevity is because the book is focused on just a short period but given the author's access it could've been more detailed. Second, Jairam Ramesh turned out to be a non-so-great writer - some parts are insufferable!
Nonetheless, this is more about the difficulty two individuals faced in doing what had to be done and that comes through. If you want to read a more detailed account of what it took then Montek Singh Ahluwalia's Backstage is a stellar read.
Nonetheless, this is more about the difficulty two individuals faced in doing what had to be done and that comes through. If you want to read a more detailed account of what it took then Montek Singh Ahluwalia's Backstage is a stellar read.
December 29, 2015
The book is an insider account of the first 100 days of the Narasimha Rao government and the actions taken by it in the second half of 1991. The book gave a remarkable sense of deja vu as I could relive those extended ET reading sessions and matching what was read to what was being studied in the first year of B.Com in the Kolhapur college. Am looking forward to more analytical pieces to come out in the near future though as the silver jubilee of the unleashing of economic reforms of 1991 comes closer.
November 23, 2015
This is the book, if you have not read much about the economic crisis of 1990/1991, you should pick to understand the immense contribution of PV Narasimha Rao and Dr. Manmohan Singh in getting India out of a crisis which could have resulted in the country going bankrupt. How the duo just not averted the crisis but also opened the door of liberalization.
Commendable job by Jairam Ramesh in bringing out this book.
Commendable job by Jairam Ramesh in bringing out this book.
September 30, 2020
Jairam Ramesh has tried to give the readers an insider story of how did the 1991 reforms famously called the LPG reforms came about in India. Being an OSD to the PMO, he was a part of the several reform processes although that was admittedly cut short by his abrupt transfer to the Planning Commission.
The book is impressive but simultaneously quite modest in its ambitions. Despite the mention of the words "To the brink", in the title, there is very little description of how situation came to such a precipice. In fact, I doubt for an average reader, the book fails to portend the gravity of the crisis well enough. Moreover simultaneously the book doesn't go on to evaluate the impact of the policies and steps undertaken on the Indian economy. To these extents, the book has quite modest boundaries.
But it does a remarkable job at baring the kind of complications that the leadership faced during those times in the ushering of reforms. The opposition that the policies faced from all the parties, the industries, the trade unions etc. How the decisive leadership of the then Prime Minister Shri Rao deftly handled these oppositions.
There are some factual errors in the book. For example, although the book says that only 4 terrorists were released to ensure release of K.Doraiswamy, the IOCL ED, in reality it was 8.
The author has tried to painstakingly show how the reforms were to a considerable extent in the continuity of the reforming spirits ushered in by Shri Rajiv Gandhi, which most of the times appear an overstretch.
The book has sufficient research and several documents are produced in-toto as Appendix. So it shouldn't be read over a Kindle as I did. A hard copy is highly recommended.
The book is impressive but simultaneously quite modest in its ambitions. Despite the mention of the words "To the brink", in the title, there is very little description of how situation came to such a precipice. In fact, I doubt for an average reader, the book fails to portend the gravity of the crisis well enough. Moreover simultaneously the book doesn't go on to evaluate the impact of the policies and steps undertaken on the Indian economy. To these extents, the book has quite modest boundaries.
But it does a remarkable job at baring the kind of complications that the leadership faced during those times in the ushering of reforms. The opposition that the policies faced from all the parties, the industries, the trade unions etc. How the decisive leadership of the then Prime Minister Shri Rao deftly handled these oppositions.
There are some factual errors in the book. For example, although the book says that only 4 terrorists were released to ensure release of K.Doraiswamy, the IOCL ED, in reality it was 8.
The author has tried to painstakingly show how the reforms were to a considerable extent in the continuity of the reforming spirits ushered in by Shri Rajiv Gandhi, which most of the times appear an overstretch.
The book has sufficient research and several documents are produced in-toto as Appendix. So it shouldn't be read over a Kindle as I did. A hard copy is highly recommended.
December 25, 2023
Ramesh's book could have been so much better, but ends up being a clearly personally biased review of India's economic transformation that is nevertheless incredibly useful. The writing is quite self aggrandizing but the use of "official documentation" serves as a very useful lens into understanding India's post-1991 period.
The key benefit of "To the Brink and Back" is that in a country with as recent an economic transformation as India, where many of the players are not just alive but still engaged in active politics, diverse perspectives and explanations of a momentous event as the 1991 reform are critical. Ramesh uses documentation to cement some facts, and they also serve as useful benchmarks that make his flaw very obvious and thereby easy to move past.
The flaw is of course, the self aggrandization - where it comes off as neither Rao nor Singh would have been able to have many independent ideas without Ramesh - and clear political preferences - for example of the Gandhis over Rao with little explanation. This negatively colours a book that could have been a lot better, but the nakedness of these flaws mean it's quite easy to avoid believing them anyway.
Alongside other works that explore India's 1991 moment, this remains a must read. Perhaps in the future we may have more neutral pieces of work without as much personal involvement, but until that day, personal accounts of those involved (and the visible in this case and subtle in other cases biases therewith) will have to suffice.
The key benefit of "To the Brink and Back" is that in a country with as recent an economic transformation as India, where many of the players are not just alive but still engaged in active politics, diverse perspectives and explanations of a momentous event as the 1991 reform are critical. Ramesh uses documentation to cement some facts, and they also serve as useful benchmarks that make his flaw very obvious and thereby easy to move past.
The flaw is of course, the self aggrandization - where it comes off as neither Rao nor Singh would have been able to have many independent ideas without Ramesh - and clear political preferences - for example of the Gandhis over Rao with little explanation. This negatively colours a book that could have been a lot better, but the nakedness of these flaws mean it's quite easy to avoid believing them anyway.
Alongside other works that explore India's 1991 moment, this remains a must read. Perhaps in the future we may have more neutral pieces of work without as much personal involvement, but until that day, personal accounts of those involved (and the visible in this case and subtle in other cases biases therewith) will have to suffice.
April 10, 2019
The author was smack dab in the middle of the people that shaped the reforms as part of the 1991 Budget. It is not as detailed as I wanted it to be, but the book discusses the events and figures that lead upto the economic reforms. It doesn't cover in details the circumstances and reasons we had to do it but I think that would be the subject of an economics book.
A nice overview of the political and economical reasons for reforms. The author is indeed a member of the INC and was a Union minister in their last government which could be a deterrent to some.
A nice overview of the political and economical reasons for reforms. The author is indeed a member of the INC and was a Union minister in their last government which could be a deterrent to some.
August 3, 2020
This book is written in very simple and lucid language. Very good read for those who know less about economic reforms and lefties please don't read..u people can't digest the truth. This book shows how our political decision are controlled by old age politicians and how hard are to make changes in our indian system.
August 21, 2020
The book is just collection of events that too focusing more on the authors role in those. It's true that there is an ample amount of volumes written about the topic but it's less informative about the events rather what the author was going through. All in all a very fast read and more like a comment than of an informative book.
July 15, 2021
On the 30th yr of reform...a look back on the momentous 3 months of hectic political & economic activities. Author was one of the key player in the grand scheme of things...his insights & anecdotes are a real delight to read. Salute to Rao-singh jugalbandi who navigated the reforms with heavy odds stacked against them & mine fields planted in every turn.👏
August 23, 2021
Strangely colourless for its subject. On the whole, Ramesh adds precious little from his side. A huge chunk of this tiny book is made up of newspaper articles, government communications and others' speeches. It's a not a bad book but one can't help feel that there's a far more compelling story about the momentous events of 1991-92 waiting to be told.. perhaps by a more competent writer.
October 7, 2017
More books need to written on 91 reforms
91 reforms are epoch breaking and everyone wants to take credit for it. It was really transformational and changed fortunes of Indians and lifted millions out of poverty. More books need to be written describing this historical event.
91 reforms are epoch breaking and everyone wants to take credit for it. It was really transformational and changed fortunes of Indians and lifted millions out of poverty. More books need to be written describing this historical event.
November 5, 2018
Worth reading.
A must read for all those who scream what the earlier governments did in the last seventy years. This book throws some light at the government's working and at the contributions of the big and small men in and around the governments.
A must read for all those who scream what the earlier governments did in the last seventy years. This book throws some light at the government's working and at the contributions of the big and small men in and around the governments.
February 2, 2019
Nice book but self promoting
The book is critical since it talks about a crucial time in the country's history.. however I do find some of it self promoting and out of touch with reality
The book is critical since it talks about a crucial time in the country's history.. however I do find some of it self promoting and out of touch with reality
February 3, 2019
Its not India's 1991 story. Its a story of Jairam Ramesh who was closely present during the economic decisions taken in 1991. Stories revolve around Narasimha Rao and Manmohan Singh while there could've been more focus laid on the actual happening. Decent read. Could've been more informative.
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