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”