Manmohan Singh Calls Narasimha Rao "Father Of Economic Reforms In India" - News Tags

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Saturday, July 25, 2020

Manmohan Singh Calls Narasimha Rao "Father Of Economic Reforms In India"

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Former Prime Minister PV Narasimha Rao was a "great son of the ground" and can truly be called the father of economic reforms in India, as he had the vision and the courage to push them, Manmohan Singh, who was finance minister in his cabinet said Friday.
Addressing the inaugural function of the centenary celebrations for the birth of the late Prime Minister organized by the Telangana unit of Congress, Dr. Singh said he is particularly happy that the program coincides with the presentation of the first budget of the Rao government by part of him. In 1991.

The 1991 budget is hailed by many as one that laid the foundations for a modern India and the roadmap for driving economic reforms in the country.

Recalling that he, as Minister of Finance in Narasimha Rao's cabinet, had dedicated his first budget to the memory of Rajiv Gandhi, Dr. Singh said that the 1991 budget changed India in many ways, as it marked the beginning of economic reforms and liberalization.

"It was a difficult decision and a bold decision and it was possible because Prime Minister Narasimha Rao gave me the freedom to deploy things, after he fully understood what was affecting the Indian economy at the time," said Dr. Singh. , former prime minister, said online.

"On this day, as I inaugurate the centennial celebrations of his birth, I pay my humble respects to the man who had the vision and the courage to push these reforms forward," said the congressional leader, adding that Rao, as the former first Minister Rajiv Gandhi, had great concern for the poor of the country.

Dr. Singh also said that PV Narasimha Rao was a "friend, philosopher, and guide" in many ways.

Really difficult decisions had to be made urgently in 1991, as India faced a currency crisis, and with foreign exchange reserves reduced to about two weeks of imports, it brought the nation to the brink of a precipice, he said.

"But then, politically, it was a big question whether one could make difficult decisions to deal with the difficult situation. It was a precarious minority government that depended on external support for stability. However, Narasimha Rao ji was able to lead everyone to long, convincing them with his conviction. Enjoying their confidence, I did my job to carry out their vision, "said Dr. Singh.

Citing French poet and novelist Victor Hugo, Dr. Singh once said that "no power on earth can stop an idea whose time has come." India's emergence as a major economic power was one of those ideas, he said.

"There was an arduous journey ahead, but it was time for everyone to know loudly and clearly that India was fully awake. The rest is history. Looking back, Narasimha Rao can truly be called the father of economic reforms in India". said the former prime minister.

Dr. Singh also recalled Mr. Rao's political journey that started from the days of the freedom struggle.

PV Narasimha Rao, as Union cabinet minister, had had significant portfolios of human resource development and external affairs, and was an important member of Congress, who had worked closely with Indira Gandhi and Rajiv Gandhi, he said.

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