'Rescued economy from bankruptcy': Congress remembers Manmohan Singh on 33rd anniversary of 1991 economic reforms

NEW DELHI: With a looming international debt crisis fueled by instable political situation and Gulf crisis at the time, India had foreign exchange reserves that could "suffice to finance imports for a mere fortnight." Thus, came the 1991 economic reforms, popularly dubbed as the liberalisation, privatisation and globalisation of the Indian economy.
"I rise to present the budget for 1991-92" rings in our ears a day after the Union Budget 2024 was presented in the Parliament.
The budget dedicated to former PM Rajiv Gandhi marked a significant shift towards a market-oriented economy and paved the way for rapid economic growth in subsequent decades.
33 years since then, Congress thanked the then finance minister Manmohan Singh who crafted the Budget.
"Today, on the anniversary of 1991 Economic Reforms, we thank Dr. Manmohan Singh for its formulation under the leadership of P. V. Narsimha Rao," Congress said in a post on X.
"The Reforms, a boon for the Indian economy, rescued it from bankruptcy & economic collapse and set it on a path of monumental growth," it added.

This comes a day after the BJP-led NDA government presented Union Budget for 2024-25 popularly dubbed as "Kursi Bachao Budget" by the opposition. This came in the light of announcing financial packages for Bihar and Andhra Pradesh in an effort to "Appease Allies: Hollow promises to them at the cost of other states."

Concluding his Budget speech with Victor Hugo's words -- “no power on earth can stop an idea whose time has come”-- Manmohan Singh bequeathed India an economy that initiated the privatization of public sector enterprises, liberalized airspace, catalyzed the emergence of new industries, and significantly boosted disposable incomes for the middle class, thereby fueling consumerism.
Under his leadership, export/import regulations were relaxed, and significant strides were made in improving the business environment, fostering a surge in entrepreneurship and a influx of international goods.
Further, the establishment of NSE, India’s largest stock exchange, in 1992 underscored his tenure. Manmohan Singh played a pivotal role in steering the country away from financial crisis, revitalizing the economy, and propelling it towards substantial growth.