Manmohan Singh and 1991 Budget: The economic stalwart, finance minister who changed shape of Indian economy

In July 1991, the then Finance Minister Manmohan Singh presented a landmark budget, which is credited for modern India's economic progress. India had been growing at a minimal rate per year before the historical 1991 budget. With economic reforms kicking in, India was gradually pushed to the path of economic development and progesss. Presenting the budget, Manmohan Singh explicitly mentioned the crisis India was facing, as he said, "the new Government, which assumed office barely a month ago, inherited an economy in deep crisis. The balance of payments situation is precarious." 

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