New York, June 30 -- This year, we mark 30 years of the deregulation of the Indian economy. It began, as some would argue, under the compulsion of the Fund and the Bank, with a looming balance of payment crisis. By then, the economy was almost completely constricted by the rule of licenses, quotas, and discretion, with no breathing space for enterprise.

Suffocated as it was, the economy welcomed the breath of fresh air with the liberalization of 1991. We recall the political will of Prime Minister (PM) PV Narasimha Rao and an abiding finance minister (FM) Dr Manmohan Singh for having pulled it through.

Just before that lost decade, Prime Minister Atal Bihari Vajpayee showed this political will and commitment in planning for the Goods an...