This day in 1991, I introduced the daring funds: Manmohan Singh remembers Narasimha Rao on his centenary beginning celebrations

Aditi Tandon

Tribune News Service

New Delhi, July 24

Former Prime Minister Manmohan Singh on Friday inaugurated the beginning centenary celebrations of late prime minister PV Narasimha Rao, remembering how this very day 29 years in the past he introduced the historic union funds that ushered financial liberalisation in India.

Narasimha Rao was born on June 28, 1921.

Manmohan Singh described Rao as an vital member of the Congress, who labored carefully with late prime ministers Indira Gandhi and Rajiv Gandhi, and later led the occasion to a 244-seat lead within the 1991 Lok Sabha elections that have been held after the assassination of Rajiv Gandhi.

Speaking on the first formal occasion the Congress ever organised within the reminiscence of Rao, Manmohan Singh mentioned: “I am particularly happy that this programme has been organised on the day I had the privilege, as the Finance Minister of India, for presenting the first budget of Narasimha Rao Ji’s government in 1991.”

Manmohan Singh hailed Rao for his daring management and talent to hold everybody alongside as he mentioned: “It was a budget that ushered in economic reforms and liberalisation. It was a hard choice and a bold decision and it was possible because Prime Minister Narasimha Rao Ji gave me the freedom to roll out things, after he fully understood what was ailing India’s economy at that time.”

Often in his speech, Manmohan Singh spoke of late Rajiv Gandhi and Narasimha Rao in the identical breath as right here when he mentioned: “Like Rajiv Ji, Narasimha Rao Ji, too, had great concern for the poor and had told the then Managing Director of the IMF, Mr Michel Camdessus, that reforms in India would have to be mindful of Indian concerns. Economic Reforms were preceded by a push in that direction when Rajiv Gandhi was the Prime Minister.”

What Manmohan Singh confused although was that the 1991 funds was politically an enormous query.

“The question was if one could take hard decisions to meet the challenging situation. It was a precariously placed minority Government, dependent on outside support.  Yet Narasimha Rao Ji was able to carry everyone along, convincing them with his conviction. Enjoying his confidence, I went about my job to carry forward his vision,” mentioned Singh calling Rao the

father of Economic Reforms in India.

Mindful of the troubled relationship between the Congress underneath Sonia Gandhi and Rao (whose physique was not allowed to be delivered to AICC headquarters for final respects when he died) Singh at this time spoke of the late PM as being “an important member of the Congress party, working very closely with Indira Ji and Rajiv Ji”.

Manmohan Singh mentioned Rao was chosen to be the Congress president after the assassination of Rajiv Gandhi, midway via the 1991 Lok Sabha election.

“The party ended up winning 244 Lok Sabha seats. Though Narasimha Rao Ji himself did not contest the elections but had been the Congress President, he became the automatic choice to become the Prime Minister of India on June 21, 1991. It was on this day that he made me his Finance Minister,” recalled former PM Manmohan Singh.

Hailing equally Rao’s contributions to “Look East Policy” and the Indian Space programme, Singh spoke additionally of how his late information “always tried to take the opposition into confidence”.

Here, Manmohan Singh cited Rao deputing Atal Bihar Vajpayee Ji because the chief of the Indian delegation to the UN Human Rights Commission in Geneva to debate Pakistan-sponsored decision to censure India on its document of human rights in Jammu & Kashmir.

“The resolution was successfully thwarted. Rao ji also nominated Subramaniam Swamy as Chairman of the Commission on Labour Standards and International Trade, with a Cabinet-rank,” Manmohan Singh talked about in his speech on the digital occasion.

Earlier, Congress president Sonia Gandhi additionally despatched a message within the reminiscence of Rao calling him “scholarly, erudite and bold” and talking of how the Congress takes “pride in his many achievements”.

Rahul Gandhi’s message additionally hailed Rao for his contributions to financial reforms.

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