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

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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

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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

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