To begin a major financial shift, he appointed Dr. Manmohan Singh as his Finance Minister. Dr. Manmohan Singh initiated India's globalization aspect of reforms, which followed International Monetary Fund programs to save the nearly bankrupt country from economic catastrophe, with Rao's mandate. Rao was also known as Chanakya because of his ability to get political and economic policies passed in parliament while leading a small administration.
He wrote a book called "The Insider" after relinquishing office.
Asked 27-Feb-2018
Viewed 821 times
1 Answer
Pamulaparthi Venkata Narasimha Rao was an Indian politician and lawyer who served as India's ninth Prime Minister from 1991 to 1996. Many people refer to him as the 'Father of Indian Economic Reforms.' His election to the prime minister was noteworthy politically since he was just the second person from a non-Hindi-speaking region to hold the position and the first from South India. He was the head of a significant government that oversaw substantial economic development as well as various domestic episodes that threatened India's national security. Rao, as Minister of Industries, was directly responsible for the deconstruction of the Licence Raj, which was under the authority of the Ministry of Commerce and Industry, undoing Rajiv Gandhi's economic policies. The economic reform ideas pioneered by Rao's government were followed by future prime leaders Atal Bihari Vajpayee and Manmohan Singh.