Thus the crisis was turned into an opportunity to effect some fundamental changes in the content and approach to economic policy. C. Rangarajan is former Chairman of the Economic Advisory Council to the Prime Minister and former Governor, Reserve Bank of India. He articulated the need for change and provided not only the broad framework but also the details of the reforms. The 1980s saw some important changes in economic policy. We had to move fast and make fundamental changes in our economic policy.

Source: The Hindu July 26, 2016 19:18 UTC