...Last month, in a panel discussion (attended by the prime minister, Manmohan Singh who was the finance minister in '91), RBI governor D Subbarao pointed to macro numbers which were approaching '91 levels. "That is quite a disturbing picture," he said (as quoted by Reuters). "Nevertheless, I would still argue that in 1991 an implosion was imminent, in 2012, an implosion is not." ....................
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