Greatandhra
Special Article: India Then And Now!
Crises often force difficult decisions. In 1991, India that followed the socialist model till then was on the verge of bankruptcy.
The country’s foreign reserves were so depleted that they could cover imports for barely a week. At the Centre was a fragile coalition government, led by Congress leader P V Narasimha Rao.
Recognising the gravity of the crisis, Rao launched India on the path of liberalisation. To drive this, he brought in economist-bureaucrat Dr Manmohan Singh as Finance Minister. Singh was initially hesitant, but Rao reassured him: “Don’t worry! If this fails, I will take full responsibility.”
The rest is history. Every Indian today owes a debt of gratitude to P V Narasimha Rao, who paved the way for India’s economic transformation.