He was, too, an ardent supporter of liberalisation, and had no doubt that, in the long run, it would improve the competitiveness of the Indian economy to the benefit of the Indian people. He would, I am sure, have been an enthusiastic supporter of many of the changes in India’s economy in recent years, while no doubt urging a still faster rate of progress.
I am also honoured to have been invited to give this Lecture by my good friend, Dr Bimal Jalan. I mentioned a moment ago that, in the late 1960s, when L K Jha was Governor of the Reserve Bank of India, I was a staff member of the Pearson Commission. Dr Bimal Jalan was also a staff member of the Commission at that time.