In 1991, a joint statement was authored by four distinguished Indian economists — P. N. Dhar, I. G. Patel, M. Narasimham, and R. N. Malhotra — at the behest of Finance Minister Manmohan Singh, endorsing devaluation of the rupee. This move came as a part of the critical economic reform process that India was embarking on in the wake of a severe balance-of-payments crisis.

The statement underscored the necessity of devaluation to rectify the deep-seated structural problems in the Indian economy and rally support for a shift toward a market-oriented economy.

The statement garnered extensive press coverage, sparking robust discussions about the direction of economic policy. However, it also stirred controversy in Parliament, as the note was circulated among other parliamentary papers, an unconventional step taken by the finance minister to use the influence of prominent economists to garner support for contentious economic policies.

The impact of this joint statement was far-reaching, as it not only gave credence to the economic reforms being initiated but fostered a broader understanding of the need for a change in policy orientation.