As Finance Minister under P.V. Narasimha Rao government, Manmohan Singh devalued the rupee and reduced import tariffs, integrating India into the global economy.
Rupee Devaluation and Trade Liberalisation
Singh deregulated nearly 80% of the industrial sector, reducing public-sector-exclusive industries from 17 to 8, encouraging private enterprise and foreign investments.
Abolition of Licence Raj
Under his leadership, SLR and CRR reductions eased credit availability, fostering a competitive banking system and driving significant financial sector reforms.
Banking and Financial Reforms
Launched in 2005, it guaranteed 100 days of annual wage employment, reducing rural poverty.
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
Singh’s government empowered citizens with access to government information and made free, compulsory education a fundamental right for children aged 6-14.
Right to Information and Right to Education
Singh’s economic liberalisation policies transitioned India from a socialist to a market-driven economy, attracting foreign investments, boosting exports, and creating millions of jobs.
Economic Liberalisation
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