Singh's Statement of Policy.
| Author | Rees, M. |
Elected prime minister of India in June 1991, P.V. Narasimha Rao chose to use the balance of payments crisis in the summer of 1991 as an opportunity to reform and repeal thousands of regulations that had been stifling economic opportunity.
Rao's finance minister, Manmohan Singh, issued a "Statement of Policy" that repealed much of the "license raj" regime that had been expanding since 1947.
Improvement came rapidly. In the span of...
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