Chandra Shekhar's tenure as Prime Minister was marked by economic crisis, the most serious Balance of Payment crisis the country has known, and high inflation.

One of the defining moments of the crisis of 1991 was the decision to mortgage gold abroad as security for a forex loan. The loan had become necessary because India had reserves to fund only three weeks of imports.

The decision to move gold out of India was described as a national humiliation. But the late Prime Minister showed tremendous courage in endorsing this proposal.

Chandra Shekhar was, however, aware that his political opponents would exploit it to the hilt, and his fears were proved right.

The Congress party attacked the despatch of gold in its political campaigns against Chandra Shekhar, though late Prime Minister Rajiv Gandhi saw nothing wrong in using the country's gold to help its industries.

Mr Yashwant Sinha, who served as the Finance Minister during Chandra Shekhar's tenure, described him as a visionary, a pragmatist, and one who would not forsake the interests of India even at the cost of his life.

"Chandra Shekhar wanted me to present a Budget which was pro- agriculture and pro-poor. But the circumstances created by the Congress Party did not allow this to happen and a Vote-on- Account was presented by me," Mr Sinha told sources.

Mr Sinha recalled his association with Chandra Shekhar with nostalgia and spoke about the support he got from him as a Finance Minister in all that he tried to do.

"Had a full Budget been presented by me, the economic thinking of Chandra Shekhar would have found a clear reflection in it. He wanted that I should enunciate policies in favour of the comman man," Mr Sinha said.

Mr Sinha said he was compelled to impose additional taxation to the tune of Rs 1,200 crores to rein in the high fiscal deficit. The negotiations for an IMF loan began when Mr Chandra Shekhar was the Prime Minister and were carried out by Mr Sinha. They, however, concluded when the reins of power moved into the hands of Mr Narasimha Rao, with Dr Manmohan Singh as the Finance Minister.

5 minutes ago, Sachin200 said:

Manmohan Singh was not the primary choice at that time , it was I g Patel . 

Soon after he denied the offer mms became the finance minister . He want to quit as fm in some instances but Rao convinced him . Why he never blamed pvnr for the sikh riots when he was alive . Pvnr also mentioned ' because of him ( pvnr ) MMS got a huge credit '  

IMF lo gold pedham ani Chandrasekhar prime minister ga unnapude anukuaaru ( yaswanth Sinha was finance minister ) 

endi kaaka intha soft spoken aina ninnu target chesi ne post ni antha controversy chesesinru..  oh my tablighis  

RIP

1 minute ago, HyderabadExpress said:

RIP

babu konchem title chusi post chei... 

3 minutes ago, HyderabadExpress said:

RIP

 🙄

2 minutes ago, Mirage said:

endi kaaka intha soft spoken aina ninnu target chesi ne post ni antha controversy chesesinru..  oh my tablighis  

Emo kaaka nenunnormal ga Anna , verey la velindhi liberals ki .MMS congress Ani blaming ani

1 minute ago, Mirage said:

babu konchem title chusi post chei... 

Nenu Google chesi choostuna ,.latest aa Ani 

News his condition stable Ani undi

6 minutes ago, Mirage said:

endi kaaka intha soft spoken aina ninnu target chesi ne post ni antha controversy chesesinru..  oh my tablighis  

 adhey kadha 

4 minutes ago, Mirage said:

babu konchem title chusi post chei... 

manam repu morning leche loopu adhe untadhi ani mundhe pettinaa...sorry kaaka..

7 minutes ago, HyderabadExpress said:

RIP

Seriously

Just now, HyderabadExpress said:

manam repu morning leche loopu adhe untadhi ani mundhe pettinaa...sorry kaaka..

Hope not 

1 minute ago, HyderabadExpress said:

manam repu morning leche loopu adhe untadhi ani mundhe pettinaa...sorry kaaka..

@Sachin200: u must be happy  !! Ur post is much much better than this. 

1 minute ago, JaiTDP said:

@Sachin200: u must be happy  !!

Naku sambandham ledhu 

MMS ki edho avali Ani na wish kooda kadhu bro

9 minutes ago, Sachin200 said:

Emo kaaka nenunnormal ga Anna , verey la velindhi liberals ki .MMS congress Ani blaming ani

nee meeda kaksha saadimpu charya emo kaaka.. evado ninnu paytm ani kuda annadu  veela brathukulu.. intha intolerant endi kaaka veelu.. bp lu penchukunela unnaru 

Just now, Sachin200 said:

Naku sambandham ledhu 

MMS ki edho avali Ani na wish kooda kadhu bro

I know bro,  nee post chaala better & thappu kuda ledhu ani chebuthunna .