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Fri, December 27, 2024
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Manmohan Singh's 1991 Reforms: The Move That Changed India's Future Forever

Manmohan Singh's 1991 Reforms: The Move That Changed India's Future Forever


Published on 2024-12-26 16:00:57 - MSN
  Print publication without navigation

  • Former Prime Minister Manmohan Singh, widely regarded as the architect of India's 1991 economic reforms, passed away at 92 in Delhi. As Finance Minister, Singh introduced liberalisation, globalisation,

The article from MSN discusses the transformative economic reforms initiated by Manmohan Singh in 1991 when he was India's Finance Minister. Facing a severe economic crisis, Singh introduced a series of liberalization measures that marked a significant shift from the previously protectionist and state-controlled economic policies. These reforms included dismantling the License Raj, reducing tariffs, devaluing the rupee, and encouraging foreign investment. The changes aimed at integrating India with the global economy, promoting competition, and fostering industrial growth. These reforms are credited with setting the stage for India's economic growth trajectory, significantly altering the country's economic landscape by moving away from a socialist model towards a more market-oriented economy. The article highlights how these bold steps not only rescued India from an imminent financial collapse but also laid the groundwork for future economic policies, fundamentally changing India's economic future.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/markets/manmohan-singh-s-1991-reforms-the-move-that-changed-india-s-future-forever/ar-AA1wwU03 ]