Congress commemorates Manmohan Singh’s ‘groundbreaking’ Liberalisation Budget

Jairam Ramesh highlighted that 33 years ago today, former Finance Minister Manmohan Singh presented his inaugural Budget, marking the beginning of a transformative era for India. On July 24, Congress President Mallikarjun Kharge reflected on the “groundbreaking achievement of the Liberalisation Budget of 1991,” emphasizing the urgent need for meaningful and robust second-generation reforms.

Kharge elaborated that July 1991 was a pivotal moment in India’s history. The Liberalisation Budget, championed by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh, ushered in a new era of economic reforms. This Budget represented a fundamental shift in the country’s economic policy, transitioning from a protectionist stance to embracing liberalization, privatization, and globalization.

Also Read:Chennai Google Maps warns motorists: ‘Police ahead’

Legacy of the 1991 Liberalisation Budget

The Liberalisation Budget of 1991 laid the foundation for significant changes in India’s economic landscape. It aimed to reduce fiscal deficits, dismantle the License Raj, and encourage foreign investment. These reforms were critical in pulling India out of a severe balance of payments crisis and setting the stage for sustained economic growth. Kharge underscored the lasting impact of these reforms, noting that they not only stabilized the economy but also paved the way for India to become a major global player.

Also Read:ISRO and NASA Collaborate to Map Ram Setu

The Call for Second-Generation Reforms

He also stressed that the current economic scenario calls for a renewed commitment to reform. The success of the 1991 Liberalisation Budget provides a blueprint for addressing contemporary challenges. Kharge called for bold and comprehensive second-generation reforms to enhance economic resilience, foster innovation, and ensure inclusive growth.

In his post on X, Kharge commemorated the vision and leadership of P.V. Narasimha Rao and Manmohan Singh, acknowledging their roles in steering the country through a critical juncture. He highlighted the importance of continuing their legacy by pursuing policies that promote economic liberalization and modernization, ultimately driving India towards greater prosperity and development.

Also Read:India’s Tiranga: A Symbol of Unity and Pride