Frequent question: Who was the finance minister of India during the New Economic Policy 1991?

Prime Minister PV Narasimha Rao named Dr Manmohan Singh, who had been a technocrat in government and was well regarded in global policy circles, as his finance minister.

What did Manmohan Singh do in 1991?

New Delhi: On 24 July 1991, finance minister Manmohan Singh presented his first ever budget, just a month after being sworn in the cabinet of prime minister P.V. Narasimha Rao. The government also unveiled a game-changing new industrial policy removing many roadblocks that hindered industries from flourishing.

Why was New Economic Policy 1991 introduced in India?

Trade and investment policy reforms: with the aim to increase international competitiveness of Indian economy and infuse foreign capital and technology the liberalization of trade and investment regime was done. Import licenses and export duties were removed also quota on imports were abolished.

What was the Indian economic policy before 1991?

“Before the process of reform began in 1991, the government attempted to close the Indian economy to the outside world. The Indian currency, the rupee, was inconvertible and high tariffs and import licensing prevented foreign goods reaching the market.

Who brought Liberalisation in India?

Former Prime Minister Manmohan Singh on Friday said that the 1991 economic reforms process helped India emerge as a global power. Manmohan Singh noted that the economic liberalisation process triggered by an economic crisis has helped lift 300 million people out of poverty.

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Why is the year 1991 important?

The year 1991 will always be remembered for the economic reforms that proved to be a watershed moment in the Indian economy. It put India on the global map and made it a flourishing market that it remains till today. The deft and futuristic person behind this initiative was the then Prime Minister, P.

Who is India’s first Sikh president?

Giani Zail Singh (

pronunciation (help·info); born Jarnail Singh, 5 May 1916 – 25 December 1994) was the seventh President of India serving from 1982 to 1987.

Who is the 3 times prime minister of India?

Prime ministers of India

# Prime Minister Total time in office
3 Indira Gandhi 15 years, 350 days
4 Morarji Desai 2 years, 126 days
5 Charan Singh 170 days
6 Rajiv Gandhi 5 years, 32 days
Dreams of India