In the life of a nation, there are times that leave a lasting imprint, to be remembered by generations to come. The year 1991 was one such momentous year in India's contemporary history. The country was struggling with both political and economic instability. It went for Lok Sabha polls for the second time within two years, having seen two coalition governments failing to achieve much. As the country began voting with hope in the summer of 1991, the nation was shocked by the killing of former Prime Minister Rajiv Gandhi in a terror attack. While the Congress emerged as the largest party, it was short of the majority mark, and P V Narasimha Rao took over as Prime Minister. On the economic front, India was struggling practically in all aspects with a balance of payments crisis. The global environment was not particularly supportive, either. The status quo was not an option. It was against this backdrop that Rao brought technocrat Manmohan Singh to steer the Indian economy.
This story is from the December 30, 2024 edition of Business Standard.
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This story is from the December 30, 2024 edition of Business Standard.
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