In June 1991, Manmohan Singh was unexpectedly appointed as India’s Finance Minister by PV Narasimha Rao. Singh, along with Rao, initiated major economic reforms that transformed India’s economy from a low-growth state to the fastest growing major economy. Singh’s first budget abolished the licence-permit raj, liberalized industries, and focused on fiscal consolidation, significantly boosting India’s economic outlook.
Manmohan Singh: The phone call in 1991 that changed a nation
