1991 CE · economy policy
Economic Liberalization
A severe balance-of-payments crisis in 1991 accelerated a wide programme of economic reforms under Prime Minister P. V. Narasimha Rao and Finance Minister Manmohan Singh. The reform process included industrial delicensing, changes to trade and investment policy, exchange-rate reform and later financial-sector liberalisation, shifting India toward a more market-oriented economic framework.
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