From desperation to global superpower: How India's landmark 1991 reforms actually played out
In 1991, India bid adieu to a socialist economy, putting in processes for a free and progressive market that would later sow the seeds of a global economy
On the brink of a sovereign default, PV Narasimha Rao’s government decided to take a radical decision. Then finance minister Dr Manmohan Singh announced a series of reforms in his Budget speech on July 24, 1991. India bid adieu to a socialist economy and the process for a free, more progressive market began.
These reforms sowed the seeds of a global economy. Policymakers who came after played a crucial role in keeping the momentum going. Here’s look at some of the milestones over the past 30 years.
(This story appears in the 30 November, -0001 issue of Forbes India. To visit our Archives, click here.)
