Ever heard of the M Document?

Montek Singh Ahluwalia, an economist in govt of India, saw that India needed to make some big changes to keep up. So, he started working on what would become the M Document.

The M Document suggested bold reforms. Many government officials thought these ideas were too radical.

Then, something unexpected happened: the M Document got into the hands of journalist Ashok Desai, who saw its potential, and gave it the now-famous name, the M Document.

Even though the document was just meant for internal review, the leak sparked public debate on how India’s economy could be modernized.

Though it didn’t lead to immediate changes, the M Document planted seeds that grew in a few years.

In this episode of the NEON Show, Montek Singh Ahluwalia, a renowned economist and former Deputy Chairman of India's Planning Commission, shares insights from his pivotal role in shaping the 1991 economic reforms and reveals the behind-the-scenes story of the influential "M document" and how it ultimately shaped India’s approach to liberalisation.

Check out Montek Singh Ahluwalia’s book, BACKSTAGE: The Story behind India’s High Growth Years, https://www.amazon.in/BACKSTAGE-Story-behind-Indias-Growth-ebook/dp/B084P4Y3VW/

Time stamps

00:00 - Introduction to Mr. Montek Singh Ahluwalia
01:04 - Early life and family’s experience post-partition
05:11 - Winning the Rhodes Scholarship
06:14 - Early career at the World Bank
07:15 - Returning to India as an economic advisor
09:02 - Washington invitation and Planning Commission role
13:02- 1991 economic reforms
18:40 - Committees for economic reform
22:00 - High import controls as an economic issue
26:34 - Challenges in policy reform
28:38 - V.P. Singh asks Montek to write the document”?
31:36 - How did the “M document" leak
38:40 - Maruthi engine block story
48:35 - SEBI and financial system reforms
58:25 - Moving past the “Tonga mindset.”​
1:01:20- Why controlled imports are tax on exports
1:09:00 - How do exchange rates impact imports and exports?
1:12:04 - Discovery of Roman gold coins in South India
1:16:50 - Narayana Murthy’s import struggles
1:22:25 - Politicians should openly support beneficial policies
1:32:55 - Montek’s vision for India’s next decade
1:39:58 - Final thoughts on India’s future
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This video is for informational purposes only. The views expressed are those of the individuals quoted and do not constitute professional advice.

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