Quite if you look at the above graphic which depicts two important variables that could send the world economy into a recession: US interest rates. When Vishnu took over as Minister of Finance in March 1983 the Fed funds rate had swiftly fallen by almost 600 basis points from the level it was when SSR and buddies faced political mayhem. That's a slide of more than 50% from its June 1981 peak of 17.78%. And they stayed relatively low throughout his Ministerial stint.
The fellow who took over in September 1991 was also quite lucky because he got some of the lowest rates in 25 years.
