‘The first step was to test the waters,’ Manmohan Singh recently revealed. ‘So although there was opposition to the move, it was manageable. So I said that by July 3 [1991], we must complete the full thing. C. Rangarajan was the Deputy Governor [of RBI]… Prime Minister Narasimha Rao had doubts over the second instalment of the exchange rate adjustment and told me, in fact, to stop it. But when I called up Rangarajan, he said that he had already shot the goal.’
