The Budget which changed Indian Economy
“No power on earth can stop an idea whose time has come. Let the whole world hear it loud and clear. India is now wide awake. We shall prevail. We shall overcome.”
These are the words from first budget speech of Dr Manmohan Singh, who was the Finance Minister in 1991. The Epochal Budget, in 1991, marked the beginning on economic liberalisation. Today, July 24, 2019, marks 28 years of liberalisation. The budget of 1991 was the budget which changed India , after which economic reforms kick-started. After this budget in last 28 years India has turned out to become one of the fastest growing economies in the world.
What Dr singh promised, he delivered.
In 1991 Indian economy was on the brink of a collapse in 1991 due to the Balance of Payments (BoP) crisis and rising internal public debt.It was Dr Manmohan Singh who fixed the economy and ushered in a new era of economic development. He took strict decisions that were essential for liberating the Indian economy. The budget of FY 1991-92 is the most reformative budget ever and it has changed Indian economy completely .
Budget opened floodgates for private sector
Dr. Singh was not the first choice
India was facing huge economic crisis and Prime Minister PV Narasimha Rao was looking for someone who can take up the charge to bring economic reforms. Rao first offered the job to economist and Singh's friend Dr IG Patel who could not take up the job, it mans Dr. Manmohan Singh was not the first choice to be PM Rao's Finance Minister. Later on the recommendation of Dr PC Alexander, Rao approached Dr. Manmohan Singh.
