• UGI USER
  • Feb 12, 2024
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RAO STEERED REFORMS BUT SHUNNED SPOTLIGHT

Why in the news:

  • PV Narasimha Rao’s visionary leadership and global recognition acknowledged.
  • Recently posthumously awarded Bharat Ratna by Modi government.
Source:lotusrise

About PV Narasimha Rao role:

  • PV Narasimha Rao, Bharat Ratna awardee, led economic reforms in 1991.
  • Rao’s vision reshaped the Budget, initiating economic liberalization.
  • He strategically avoided taking credit for reforms to protect political legitimacy.
  • Backed Finance Minister Manmohan Singh and his team to be the face of reforms.
  • Rao exhibited political courage,
  • The reforms addressed the 1990 BoP crisis, involving rupee devaluation and gold transfer.
  • Industrial policy changes in 1991 abolished licensing, allowed disinvestment, and facilitated FDI.
  • Reforms attributed to Nehruvian-Gandhi legacy for political acceptability.
  • Rao’s leadership transformed India’s economic landscape, earning global acclaim.
About P. V. Narasimha Rao

●    P. V. Narasimha Rao, 9th Prime Minister of India (1991-1996), introduced significant economic reforms.

●    Notable for liberalizing India’s economy, he was a pivotal figure in Indian politics.

●    Second PM from a non-Hindi-speaking region (Telugu) and first from South India.

●    Held key positions like Minister of Defence, External Affairs, and Chief Minister of United Andhra Pradesh.

●    Recognized for visionary leadership and global achievements.

●    Posthumously awarded Bharat Ratna by the government, India’s highest civilian honor.