Bharat Ratna to 10th PM PV Narasimha Rao: Why is it significant?
PM Modi said, "As a distinguished scholar and statesman, Narasimha Rao Garu served India extensively in various capacities. He is equally remembered for the work he did as Chief Minister of Andhra Pradesh, Union Minister, and a Member of Parliament and Legislative Assembly for many years.
His visionary leadership was instrumental in making India economically advanced, laying a solid foundation for the country's prosperity and growth." "Narasimha Rao Garu's tenure as Prime Minister was marked by significant measures that opened India to global markets, fostering a new era of economic development. Furthermore, his contributions to India's foreign policy, language and education sectors underscore his multifaceted legacy as a leader who not only steered India through critical transformations but also enriched its cultural and intellectual heritage." Narasimha Rao took charge of the Prime Minister's office in 1991 when the country was faced with various challenges, the greatest being the economic crisis.
His legacy as the “Father of Indian Economic Reforms" as he ushered India into an era of economic reforms- globalisation, liberalisation and privatisation set the stage for the nation's future growth. Roa served as India's prime minister for a total of 1,791 days, from June 21, 1991, to May 16, 1996.
On July 24, 1991, Rao’s government announced the end of the restrictive Licence Raj, which had stifled economic growth. The then finance minister Manmohan Singh presented a historic budget that rolled out economic liberalisation in India.
This move allowed businesses to operate more freely in India without excessive bureaucratic hurdles. Industrial licensing and Monopolistic and Restrictive Trade Practices (MRTP) clearance were
. Read more on livemint.com
