Who was the finance minister of India when the economic reform took place under the New Economic Policy in 1991? (IGKV- – CET 2024)

✅Explanation: Dr. Manmohan Singh was the finance minister of India in 1991 when the country underwent significant economic reforms under the New Economic Policy (NEP). These reforms aimed to liberalize the Indian economy and promote growth. Structural reforms are medium and long-term programmes that address sector adaptation and supply-side issues and bring vitality to the economy and competitiveness. Macroeconomic stabilisation is a short-term macroeconomic crisis resolution programme that regulates overall economic demand. Focus areas of the NEP 1991 Economic Reforms were Liberalisation, Privatization, and Globalisation.

🔑Key Points:
-Manmohan Singh served as the finance minister during the 1991 economic reforms.
-He was the finance minister in the PV Narasimha Rao government.
-Manmohan Singh is the 13th Prime Minister of India (2004 to 2014).
-He is the first Prime Minister from the Sikh community.
-First Prime Minister from the minority community.
-Only governor of RBI who became the prime minister of India.
-He was the deputy chairman of the planning commission during the period 1985 to 1987.
-He is the first prime minister to visit the Siachin glacier.
-Notable works: Changing India, The Quest for Equity in Development.

🛑Additional Information:
-R. Venkataraman served as the finance minister from 1980 to 1982.
-PV Narasimha Rao served as the 9th Prime Minister of India (1991 to 1996).
-R. K. Shanmukham Chetty served as the first finance minister of India from 1947 to 1949.