Swatantra Party was founded in the year 1959 by leaders opposing the socialistic policies of the Congress government. Some of the prominent leaders of the time including C Rajagopalachari, Minoo Masani and N G Ranga collaborated to form a liberal and conservative party. The party stood for market-based economy and the dismantling of the license raj. Devaluation:The Guilty Men was published by the Swatantra Party in the year 1966. The text is a compendium of the speeches delivered by the Party’s Secretary General and Joint Secretary, MR Masani and N Dandekar during the discussion on the economic situation. The pamphlet delves into complex questions surrounding the devaluation of the rupee and the Swatantra Party’s attitude towards the same.