In Part 1 of this column (Reviving animal spirits, August 15), I argued that 1991 holds many lessons on reviving animal spirits. The reality today is far better, yet, in 1991, within 100 days, the government had set the country on a new path, and animal spirits were soaring. The right rhetoric was backed by major policy change driven by a committed team of reformers.
We need that combination again today. Changing the rhetoric An essential change since 1991 has been faith in industry and encouragement of private enterprise. Manmohan Singh’s 1991 Budget speech said that ...
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