From desperation to global superpower: How India's landmark 1991 reforms actually played out

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

Published: Aug 25, 2021 11:40:05 AM IST
Updated: Aug 26, 2021 10:22:48 AM IST

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.

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(This story appears in the 27 August, 2021 issue of Forbes India. You can buy our tablet version from To visit our Archives, click here.)

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