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Showing posts with the label Dr. Manmohan Singh’s Economic Legacy

India’s Economic Wheel Didn’t Move Without a Push from Dr. Manmohan Singh

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India’s Economic Wheel Didn’t Move Without a Push from  Dr. Manmohan Singh Introduction India's remarkable economic transformation post-liberalization cannot be narrated without highlighting the contributions of Dr. Manmohan Singh. His impactful journey began long before he became the 13th Prime Minister, with his pivotal role in steering the country out of economic crises and laying the groundwork for sustained growth. Navigating the 1991 Economic Crisis Dr. Manmohan Singh rose to prominence as Finance Minister under Prime Minister P.V. Narasimha Rao during one of India’s most challenging periods—the 1991 balance of payments crisis. The country was on the brink of economic collapse, but Singh’s visionary policies helped avert disaster. Liberalization and Economic Reforms: Singh dismantled the License Raj, significantly reducing government control over industries and enabling private enterprises to thrive. Trade Reforms: Import tariffs were slashed, and the economy moved t...