1991 Economic Liberalization | Manmohan Singh's Union Budget | Reform Moments in India
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After decades of growing at a meagre 3.5% per year, India took a few decisions that forever changed the lives of Indians as the country embarked upon a new journey. On this day 31 years ago, i.e., July 24 1991, Manmohan Singh, the then finance minister of India, presented a landmark budget, ushering in a new dawn for the Indian economy.
Reforms began in the preceding decade, especially beginning 1985, but the Indian economy was still weak and fragile. Then came the balance-of-payment crisis.
"Growth during the 1980s was also propelled by fiscal expansion financed by borrowing abroad and at home. But this was unsustainable and led to the crisis of June 1991," notes Arvind Panagariya in an IMF Working Paper titled 'India in the 1980s and 1990s: A Triumph of Reforms'.
Manmohan Singh, the economist with irreproachable integrity, was to be the face of the reforms. As Ramesh, who had a ringside view of the reforms being unleashed, says, there could not have been a more unlikely duo playing harbingers of this fundamental change. “Both Rao and Manmohan were pillars of the ancient régime, stalwarts of the very system they set out to replace.”
Source: Economic Times
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manmohan singh 1991 budget speech
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