Manmohan Singh: ‘No power in the world can stop an idea whose time has come’. The echo of this sentence said by former Prime Minister Manmohan Singh while presenting the budget as Finance Minister in 1991 will always be heard. This is the sentence that changed the destiny of India. Due to which India is a Global Economic Power today. Three and a half decades after presenting the budget in 1991, today India is proud of its rapidly growing economy across the world, the credit for which goes to Dr. Mannohan Singh for whose contribution this country will always remember him. .
Got the responsibility to get India out of the crisis
In 1991, PV Narasimha Rao became the Prime Minister of the country. At that time the Indian economy was going through a period of extreme crisis. India was on the verge of being declared bankrupt. The reserves of foreign exchange for imports had become empty. Then PV Narasimha Rao handed over the responsibility of getting the Indian economy out of the crisis to Manmohan Singh and asked him to take difficult decisions to avert this crisis. A decision was taken to devalue the rupee so that exports could be made attractive. RBI borrowed foreign exchange reserves by pledging 47 tonnes of gold with foreign banks and also took a loan of 2 billion dollars from the International Monetary Fund.
Manmohan Singh presented the historic budget on 24 July 1991
When Manmohan Singh presented the budget on July 24 in 1991, he announced the abolition of the License Raj, which was seen as the biggest obstacle to the rapid development of the Indian economy. The era of economic liberalization began in India. Many sectors were opened for foreign investment. Corporate tax was increased and subsidies on LPG and sugar were reduced. And the effect of this decision of Manmohan Singh was that within two years the foreign exchange reserves increased from one billion dollars to 10 billion dollars and the crisis that was looming over India was averted.
When Manmohan Singh said – ‘I can be sacked’
Former Prime Minister Manmohan Singh’s daughter Daman Singh in her book Strictly Personal: Manmohan and Gursharan” by Daman Singh It is also written that, in a humorous tone, PV Narasimha said that if everything goes right due to these decisions, then we all will be able to take credit for it and if things go wrong, I can be dismissed. However, after the path that the duo of PV Narasimha – Manmohan Singh took for the Indian economy, all the governments that were formed in the country, under the leadership of any party, worked to take forward the decision of economic reforms and liberalisation. The result of this is that India has become the fifth largest economy in the world today.
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