Manmohan Singh will be remembered as the statesman who saved the Indian economy from going over the edge. When he took over as finance minister in the minority government of Narasimha Rao in 1991, the Indian economy was very close to sovereign default. Foreign exchange reserves were barely enough to cover a month of imports and the country had to suffer the ignominy of having to ship its gold reserves to England.
The looming economic disaster was a result of fiscal and trade profligacy in the 1980s when the Indian economy, both public and private arms of it, had been spending beyond their means.
The crisis was a result of a deeper economic malaise in the economy where the post-Independence State-led planning model had failed to deliver and private enterprise had become shackled in what was infamously referred to as the Licence-Quota Raj. All of that would change with the famous 1991 Budget which Manmohan Singh presented, and the industrial deregulation which accompanied the Budget.
More than three decades later, there is as big a consensus for reforms in India just as there was an opposition to it when the process started.
Having said all this, what have the economic reforms done for India? Here are five charts which try to answer this question as briefly as possible.
This story is from the December 27, 2024 edition of Hindustan Times Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 27, 2024 edition of Hindustan Times Chandigarh.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Payal Kapadia's All We Imagine As Light Longlisted for Three BAFTA Awards
Payal Kapadia's All We Imagine As Light has been longlisted for three prestigious BAFTA awards: Best Director, Original Screenplay and Best Film Not in the English Language.
Abhi-Ash vacation together, put divorce rumours to rest
The better part of 2024 had fans speculating over the divorce of actors Abhishek Bachchan (48) and Aishwarya Rai Bachchan (51).
CHB Cancels Allotment of 29 More Small Flats
The Allottees Had Failed to Deposit Monthly Fixed Licence Fees Despite Being Served Notices by the Board Multiple Times
Book on Landmark Judgments on Women in Armed Forces Released
HC had stayed razing of Janta Colony and Sanjay Colony after a plea by dwellers
2 Engineering Students Held With .315 Bore Gun
Mohali CIA nabbed two engineering students of a college located on Kharar-Banur highway with a .315 bore pistol besides a live cartridge and a bike.
P'KULA Woman's Gold Earring Stolen During Nagar Kirtan
A 62-year-old woman lost a gold earring, weighing approximately 4 gm during the nagar kirtan procession held at Gurudwara Nada Sahib on Saturday.
Worries of a nervous medical practitioner
The dilemma for doctors would be to resuscitate or not to resuscitate a patient who has gone into a cardiac arrest
From Math Guru to Rickshaw Rockstar
Twenty-seven years ago, when my parents received a marriage proposal for me, they, like any concerned parents, decided to learn more about the boy's family.
Sectors 76-80: GMADA Writes to Govt for Reduction of Enhancement Charges
The Greater Mohali Area Development Authority (GMADA) has sent a proposal to the state government to reduce the enhancement charges on residential plots in Sectors 76 to 80 by around ₹800 per square metre following objections raised by around 30,000 residents living in these five sectors.
Dense fog hits flight ops for 2nd straight day, 3 cancelled, 37 delayed
Flight operations were severely impacted for the second consecutive day, with three flights cancelled and 37 delayed, at Chandigarh international airport due to dense fog on Saturday.
