Economic reforms were started in independent India under the supervision of which Prime Minister?

Economic reforms were started in independent India under the supervision of which Prime Minister? Correct Answer P. V. Narasimha Rao

The correct answer is ​P. V. Narasimha Rao.

 Key Points

• The Narasimha Rao Government, in 1991, started the economic reforms in order to rebuild internal and external faith in the Indian economy. 
• Manmohan Singh served as the finance minister during the 1991 economic reforms.
• Economic Reforms refer to the fundamental changes that were launched in 1991 with the plan of liberalizing the economy and quickening its rate of economic growth.
• India met with an economic crisis in 1991, relating to its external debt, the government was not able to make repayments on its borrowings from abroad.
• The essential features of the economic reforms are
  • Liberalization.
  • Privatization.
  • Globalization. Commonly known as LPG.
• Foreign exchange reserves, which we generally maintain to import petrol and other important items, dropped to levels that were not sufficient for even a fortnight.

 Additional Information

• Rajiv Ratna Gandhi was an Indian politician who served as the 6th Prime Minister of India from 1984 to 1989.
• Indira Gandhi was India’s third prime minister and the only women prime minister of India till date. She belonged to the Indian National Congress and was elected as the PM for the first time in 1966 after Lal Bahadur Shastri died in office.