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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
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.
(This story appears in the 27 August, 2021 issue of Forbes India. To visit our Archives, click here.)
