P.V. Narasimha Rao: The Precursor of the Era of Economic Reforms in India

Abstract

Pamulaparti Venkata (P.V.) Narasimha Rao ascended to the office of the Prime Minister (PM) of India at a time when India was stuck at its worst phase of economic turmoil. His keen foresight had initiated India to a path of economic liberalisation, the ripples of which are felt by the country to date. This is a narrative of the policy of a master planner of economic reforms in India, who along with his economist Foreign Minister Manmohan Singh, lifted it out of the economic morass consequent upon the Nehruvian policy of mixed economy of about four decades by initiating the economic reforms in 1991. What India has achieved as an economic power, P.V. Narasimha Rao as PM deserves credit for, along with his team of ministers, especially Manmohan Singh and P. Chidambaram.

Keywords

Economic reform liberalisation high command License-Permit raj

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