1991 economic reforms manmohan singh biography

In 1991, India's economy was in a mess and on the verge of collapse. The situation was so dire that foreign exchange reserves were sufficient to cover only a few weeks of imports.

It was then that Manmohan Singh, the then Finance Minister in the PV Narasimha Rao government, made his mark as an agent of change, unscrambling the economy.

Through path-breaking reforms in the 1991 Budget, focused on liberalisation and privatisation, Manmohan Singh opened up India's economy.

By dismantling the license-permit raj, allowing direct foreign investment of up to 51 per cent, and removing hurdles to facilitate foreign technology agreements, Manmohan Singh pushed India on a path of economic development and progress.

The two-time Prime Minister passed away on Thursday after prolonged illness, leaving an indelible mark on the country's political history.

The 92-year-old, who wore several hats a