This July marks the 30th anniversary of the 1991 economic liberalisation.

After remaining static for years, the Indian rupee was devalued from Rs 21 to Rs 23 on July 1, 1991. On July 3, it suddenly fell to Rs 26 rupees.

Three weeks later, on July 24, the Narasimha Rao government announced that there would be no need for licences to produce almost any goods. Then the relatively lesser-known Manmohan Singh presented the historic budget that promised more competition, lower tariffs on imports, lower excise duties, and more foreign direct investment etc.

CNBC-TV18's Latha Venkatesh spoke with YV Reddy, former RBI Governor to discuss how the polity managed to accomplish so much in such a short time and if there are any lessons for today as we struggle with farm, GST and bankruptcy reforms.

Watch the video for more.

(Edited by : Kanishka Sarkar)