. A Midnight Call

2

June 1991. Manmohan Singh had just returned from the Netherlands. As he slept, his son-in-law answered an urgent call from PC Alexander. Rao wanted Singh as Finance Minister.

Unexpected Appointment

2

On June 21, Singh was at his UGC office. Hours later, he was sworn in, surprising everyone, including himself. Rao confirmed Singh's role as FM

Crisis Unfolds

2

india's economy was crumbling. Forex reserves were barely enough for 2 weeks. Inflation soared. Singh stepped in to solve the crisis.

Bold Reforms Begin

2

Working with Rangarajan and Chidambaram, Singh devalued the rupee, removed export controls, and lifted industrial licensing restrictions.

Goodbye Licence Raj

2

On July 24, Singh's budget scrapped the licence-permit raj, allowed foreign investment, and enabled public sector disinvestment.

Financial Overhaul

2

Singh established SEBI and commissioned reforms under RBI Governor Narasimhan. Fiscal discipline became the focus.

A Lasting Legacy

2

Despite opposition from corporate giants, Singh's reforms revitalized India's economy, steering it toward becoming the fastest-growing major economy.