There is no time to lose. Neither the Government nor the economy can live beyond its means year after year. The room for maneuver, to live on borrowed money or time, does not exist any more. Any further postponement of macroeconomic adjustment, long overdue, would mean that the balance of payments situation, now exceedingly difficult, would become unmanageable and inflation, already high, would exceed limits of tolerance.

On the 1991 Indian economic crisis, as quoted in "Budget 1991-92 Speech of Shri Manmohan Singh Minister of Finance", Government of India (24 July 1991)