25 Years Ago On This Day Manmohan Singh Presented The Famous Budget That Liberalised Indian Economy

The Logical Indian

July 24th, 2016

Manmohan Singh

In 1991, when India faced severe economic crisis, PM P.V. Narasimha Rao appointed apolitical Manmohan Singh as Finance Minister. India’s foreign reserves barely amounted to US$1 billion, enough to pay for a few weeks of imports.

By 1994, when he presented his historic budget, the economy was well on its way to recovery. Yet he ploughed ahead instituting deep changes in the institutions of the country.

During his speech in Parliament while presenting the Budget in 1994-95, he quoted Victor Hugo: “No power on earth can stop an idea whose time has come.”

His dream was that in a crisis India should undertake basic structural changes, which would lead to the emergence of a new country that would become a major global player in the world economy.

Singh started the process of simplification and rationalisation of the tax system. Many controls and regulation on the industry were removed, which meant the death of the Permit Raj and a free rein to entrepreneurs.

The result was that productivity in the Indian industry grew like never before.

Share your thoughts..

Related Stories

We Put Manmohan Singh At Highest Regard, Says Arun Jaitley On PM Modi’s Remark

Trade Deficit

India’s Export Dip In October, Imports Increase, Trade Deficit Widens To Highest In 3 Years

Remembering PV Narasimha Rao: The Forgotten Prime Minister

Tata Motors

India’s Job Crisis Gets Bigger: Tata Motors Lays Off 1,500 Managers

Karnataka Budget

Karnataka Budget: Movie Ticket To Not Cost More Than Rs 200, VAT On Liquor Removed, Other Highlights

LIVE: Highlights Of Budget 2017 Speech Of Finance Minister Arun Jaitley

Latest on The Logical Indian

News

3 Men Attacked By Mob For Refusing “Virginity Test” On Brides

News

Kerala: Deplorable Elephant Parade Again, Police Allegedly Keep Mum

My Story

MyStory : “I Just Taught Them A Subject, But They Taught Me Many Inspirational Lessons Through Their Life”

News

Kolkata: Scooter Rider Beaten To Death By Civic Police Volunteers For Not Wearing Helmet

News

With 11 Journalists Killed In 2017, India Goes Further Down On International Press Freedom Ranking

News

Not Just Sreejith, This Man From Kerala Has Also Been Protesting Over A Year For His Daughter’s Death