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Dr Manmohan Singh trusted India's trade capacity to compete at global level

He introduced a dual exchange rate mechanism in February 1992 and unified exchange rate mechanism in February 1993, effectively engineering a further devaluation of about 30 per cent

Manmohan Singh
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TNC Rajagopalan

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Dr Manmohan Singh passed away last Thursday, leaving behind memories of how deftly he navigated the Indian economy during its most difficult days in 1991 and launched the liberalisation process that transformed the economy and led to higher economic growth in the following decades. 
When he took over as the Finance Minister, after the previous government had shipped gold to the Bank of England to borrow some money, the forex reserves were barely adequate to cover two weeks of imports. He responded not by restricting imports but by making it easier to import, not by restricting outward remittances but by
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