Excerpts from Manmohan Singh’s 1991 budget address: The problem, the path and the pain...

For improving the management of the economy, the starting point, and indeed the centre-piece of our strategy, should be a credible fiscal adjustment and macroeconomic stabilisation during the current financial year, to be followed by continued fiscal consolidation thereafter. This process would, inevitably, need at least three years, if not longer, to complete, Manmohan Singh said.