RBI Was 'Prepared For Default' in 1990, Even Considered Selling Indian Embassies Abroad-C Rangarajan

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In an interview to Karan Thapar for The Wire to discuss anecdotes and details revealed in his book ‘Forks in the Road: My Days at RBI and Beyond’, which is published today, Monday the 7th of November, Dr. Rangarajan, who went on to serve as Governor of the RBI and later as Governor of Andhra Pradesh, revealed that in August of 1990, roughly four months before India approached the IMF, the RBI, then under Governor Malhotra, formally wrote to the National Front Government, which was in power in Delhi, to recommend it approach international institutions such as the IMF. Dr. Rangarajan says the government failed to act and calls this “a failure of political leadership”. He says the government was “reluctant to act either because it had not recognized the seriousness of the situation or because it was ideologically averse to go to IMF.”
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