Three decades of economic reforms with Manmohan Singh's Liberalisation
The Federal carried an 8-part series on the PV Narasimha Rao-Manmohan Singh duo's brave liberalisation move of 1991; here is a recap
In 1991, Manmohan Singh presented a Budget that triggered a mini-revolution in India.
A series of reforms unleashed by the PV Narasimha Rao government liberalised the economy, dismantled the license-permit raj, and turned the existing socio-economic milieu on its head.
Within months, India’s service sector started growing exponentially, global investments began pouring into the country and Indian consumers found themselves in a market with a cornucopia of choices.
In 2020, The Federal, as part of a series on India’s tryst with its very own perestroika, looked at how a new generation of Indians stepped out of the socialistic-leftist mould, entered the red-hot crucible of capitalism, and joined the elite list of global billionaires.
With the passing of Manmohan Singh today, we recall the series for our readers.
Read the eight-part series here:
From zero to 100, how Indians gate-crashed the global rich list
Children of Reforms: Generation that made billions, arrived on global stage
Liberalisation and the making of 'middle class' myth
Diversity in unity: The making of the middle 'classes' of India
How India became a land of billion entrepreneurs
The myth of educated, first-generation businessmen
How reforms swept past 250 million Indians, left their lives untouched