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Dr. Manmohan Singh, an economic expert who shaped the RBI & then thus the nation made a number of contributions to the economy of India. Credited to pull the economy out of the major crisis, major transformations were made during his tenure as the Finance Minister along with his tenure as the Prime Minister for 2 consecutive terms. Our economy recorded major ups and downs recently wherein the insights by Dr. Singh is most welcome. Have a look at the contributions made:
The New Economic Policy
While India was taken aback by the huge economic crisis, major economic reforms were made by the PM P.V. Narasimha Rao on the advice of the brilliant Finance Minister Dr. Manmohan Singh, under the aegis of IMF.
The LPG Trio
The efforts made by the erstwhile Finance Minister paved way for industrial growth via opening up of the economy through liberalization, ending of license raj via Privatisation & making the country competitive on domestic & international level through Globalisation ending red-tapism & socialist tendencies.
The Rising Numbers
As a result, India recorded booming growth during the tenure of Dr. Manmohan Singh as the PM wherein India witnessed the highest real growth of 10.08% in 2006-07 in terms of factor cost.
Shaping The Trade Policy Of India
The country was on the verge of bankruptcy after being a quasi-federal state uptill 1990. The IMF agreed on exporting essential goods to India after a major shift in economic policy doing away with excessive controlling regime & unnecessary imports.
Paved The Way To Capitalism
It also led to ending a number of export-based subsidies which now act as a bone of contention between the WTO & India but was a much-needed step then. Necessary financial assistance was taken to prevent India from being the debt defaulter. Another contribution was made by introducing the dynamic Value Added Tax.
The Needed Change
Indian economy for a while has stuck due to rising unemployment, recession looming in along with the piling NPAs. Poor implementation of GST & demonetization has been cited as reasons for the downfall that requires insight from an economic expert like Dr. Manmohan Singh. The slowdown can be reversed by gaining beneficial insights from the very brilliant economist who saved our economy back in the 1990s and we are so thankful for it.