I talked to Anupam Manur, a professor of economics about India's trade policy before 1991. We talked about:
The scarcity mindset about foreign exchange reserves
The controversial 1966 devaluation
How did the pre-1991 import licensing system work?
“The financial account was almost non existent”
“Hindustan Motors and Toyota were set up at the same time but in 15 years Toyota sold 280 times the cars”
“Productivity growth was almost absent before 1991”