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How the Crisis Unfolded
Expert Committee Reports
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In 1964, Raúl Prebisch becomes secretary-general of UNCTAD and promotes import substitution as a growth strategy.
Walt Whitman Rostow formulates his stages-of-growth theory, which will influence the field of development economics.
In 1975, Hollis Chenery develops the patterns-of-development approach, which identifies common patterns and structural changes in developing economies as they grow.
In 1991, four prominent economists issue a joint statement in support of devaluation.
In 1990, Rakesh Mohan and Vandana Aggarwal write a research paper that will become the groundwork for the New Industrial Policy of 1991.
In 1990, Montek Singh Ahluwalia authors the “M Document,” a precursor to the 1991 reforms.
In 1985, Finance Minister V. P. Singh presents a milestone budget, paving the way for a more liberal, market-oriented economy.
1982 came to be dubbed the Year of Productivity by then prime minister Indira Gandhi.
In 1980, Deepak Lal’s Prices for Planning: Towards the Reform of Indian Planning advocates market-based price signals to better allocate resources.
The 1991 Project
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