From desperation to global superpower: How India's landmark 1991 reforms actuall...

In 1991, India bid adieu to a socialist economy, putting in processes for a free and progressive market that would later sow the seeds of a global economy

Last Updated: Aug 25, 2021, 11:40 IST1 min

On the brink of a sovereign default, PV Narasimha Rao’s government decided to take a radical decision. Then finance minister Dr Manmohan Singh announced a series of reforms in his Budget speech on July 24, 1991. India bid adieu to a socialist economy and the process for a free, more progressive market began.

These reforms sowed the seeds of a global economy. Policymakers who came after played a crucial role in keeping the momentum going. Here’s look at some of the milestones over the past 30 years.

First Published: Aug 25, 2021, 11:40

Dr. Manmohan Singh PV Narasimha Rao

Subscribe Now

Rucha Sharma

Rucha Sharma writes about entertainment, pop culture, and sports. She also assists with events and edits for the web team. She has an MBA in Finance from Pune University and worked with DNA India and

Home

Independence-special-2021

From-desperation-to-global-superpower-how-indias-landmark-1991-reforms-actually-played-out

Podcasts

Videos

Thought Leadership

Lists

From desperation to global superpower: How India's landmark 1991 reforms actuall...

In 1991, India bid adieu to a socialist economy, putting in processes for a free and progressive market that would later sow the seeds of a global economy

Latest News