PRESSED for a date to announce the formal transfer of power, Mountbatten looked at the calendar, pondered for a while and then circled August 15. Pressed for a (critical) date in the period 1987-97, I would circle July 24, 1991. It was on this day that Dr Manmohan Singh presented a budget which ushered in what is popularly known as liberalisation. Four decades of Fabian socialism and vigorous state intervention were stood on their head.