2013 is not 1991; but it feels much worse and matters more
In 1991, the economic crisis did not matter to most Indians. Why would the aam aadmi care whether you have enough forex to pay for two weeks’ imports or not? It doesn’t impact him.
Today it does. Several hundred millions of Indians are now part of the consumption story. They buy consumer goods, eat out, buy mobikes, and shop at malls. They also had, till recently, rising incomes to look forward to. In fact, the UPA's economic mismanagement helped foster this sense of entitlement in all classes of people from the poor to the middle classes to everybody. Read More