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Bringing about crucial industrial reforms
- Hyderabad: Chief Minister Revanth Reddy acknowledged former Prime Minister PV Narasimha Rao and Manmohan Singh for bringing about crucial industrial reforms that have enabled India to compete with global economies.
www.thehansindia.com/telangana/cm-revanth-reddy-credits-pv-narasimha-rao-and-manmohan-singh-for-industrial-reforms-907881CM Revanth Reddy Credits PV Narasimha Rao and Manmohan Singh ...
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Jul 23, 2021 · How Narasimha Rao and Manmohan Singh rescued India in 1991 and made history. The reforms were undertaken exactly 30 years ago, at a time when India was facing its worst economic crisis. Here’s a look at what led to the crisis and how India weathered it. Remya Nair.
- Remya Nair
- Devaluation
- Gold Holdings
- Foreign Investment
- Reworked Trade Policy
- Power Distribution
- IMF
He started with a two-step devaluation programme in collaboration with the RBI, which was first devalued against major currencies by nine percent initially and then brought down to eleven percent two days later. This naturally gave a boost to trade and dealings with the international market.
The next thing he did was get the RBI on board to mortgage India’s gold holdings with the Bank of England in four tranches, so that it could avail the necessary financial assistance it would provide. He did this in lieu of a similar action that the State Bank of Indiahad undertaken earlier, selling 20 tonnes of gold to the Union Bank of Switzerland...
Singh stated that it was prudent to welcome foreign investment into the Indian Capital. This would give a much-needed boost to industrialisation by encouraging the spirit of entrepreneurship in the country and would also provide direct access to the required capital, technology and target markets.
Considering the fact that the country was seconds away from being banned essential imports, including oil and gas, for more than three weeks, it was pertinent to rework the existing patterns of trade policy. To this end, the new programme called for doing away with unnecessary controls, streamlining the licensing process and linking non-essential i...
Singh called for the transfer of full statutory powers to the Securities and Exchange Board of India (SEBI) to enable it to regulate the workings of the Stock Exchanges in the country. As a result, SEBI became the sole market regulator. He also proposed to extend the tax concession under section 80HHC of the Income Tax Act to export of software. As...
He also called for the economy to seek relief from the International Monetary Fundby applying for an emergency loan of $220 million, which later proved to be the essential keeper to preventing a debt default. Highlighting the major parts of the economic reforms that help sustain the slow but steady economic growth that the Indian Economy was stream...
Jan 10, 2017 · So Manmohan Singh’s role in that period happened because the prime minister of the day decided to invite him to become the finance minister; that is the sequence of events we have to recognize, that the initiative was taken by Narasimha Rao.
Jun 28, 2021 · On Srinath Reddy, president of the Public Health Foundation of India, who has been selected for the first PV Lifetime Achievement Award, Mr. Manmohan Singh said the former had made an immense...
Jul 24, 2024 · July 1991 marked a watershed moment in India’s history as the Liberalisation Budget, spearheaded by then Prime Minister P.V. Narasimha Rao and Finance Minister Manmohan Singh, ushered in a...
Anumula Revanth Reddy (born 8 November 1969) is an Indian politician who is serving as the second and current Chief Minister of Telangana since 7 December 2023. [ α ] [ 3 ] He represents Kodangal constituency in the Telangana Legislative assembly .
