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. |