How Lucky Was Lutchmeenaraidoo

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.

Vishnu Was Quite Lucky

To be Finance Minister beginning 1983 because that coincided with the start of one of the longest uninterrupted economic expansions of the 20th century and most likely the best stretch of favourable international economic conditions our country witnessed since 1968.

1983 was also the 6th anniversary of the implementation of free education so a larger than usual number, for that period at least, of our youngsters with a higher human capital content were getting ready to hit the job market. Population growth was also well under check -- something Mr. Lutchmeenaraidoo had not a great deal to do with.

Still, that doesn't take away anything from the fact that Vishnu has probably been the best Minister of Finance our country has known. Do you think we should come up with a category for bean-counters?