A day after Budget, Congress pays tribute to reformist Manmohan Singh who laid the 'path of monumental growth'

A day after Finance Minister Nirmala Sitharaman presented her seventh and Modi 3.0's first union budget in the Parliament, Congress paid tribute to former Prime Minister Manmohan Singh for his contribution in ushering India into a new economic era.

The opposition party took to X to thank the former Prime Minister for the role he played in reshaping the Indian economy.

"Today, on the anniversary of 1991 Economic Reforms, we thank Dr. Manmohan Singh for its formulation under the leadership of P. V. Narsimha Rao."

The Union Budget of 1991

Amidst an economic downfall, a crisis in the Gulf and an instable political landscape, India was introduced to a new, liberal economy in the year 1991. The then Finance Minister Manmohan Singh had presented the Union Budget 1991-92 under the P.V. Narsimharao government.

"I present to you the budget of 1991-92", said Minister Singh, when he stood to present the union budget that would take the Indian economy into the direction of liberalisation, globalisation and privatisation. The budget marked a significant shift towards a markets-focused economy.

This paved the way for rapid economic growth in the decades that followed. Additionally, the 1991 Budget was dedicated to India's former Prime Minister Rajeev Gandhi, and is often remembered for FM Singh's powerful Budget speech, that reverberated in the Indian Parliament.

Powerful speech, significant announcements

"No power on Earth can stop an idea whose time has come," FM Singh had said, as he concluded his Budget speech. With this, Manmohan Singh left India with an economy that initiated the era of privitisation of the country's public sectors, liberalised its airspace, initiated the emergence of new industries, and boosted sectors across the nation.

Under FM Singh's tenure, the regulations on import/export were relaxed, and significant changes were made to cater to the needs of businesses. The latter initiative ushered in an era of entrepreneurship in India, with people turning ideas into business models.

The establishment of the National Stock Exchange (NSE) in 1992 was another highlight of FM Singh's tenure. Minister Singh played a crucial role in pivoting India towards a revitalised economy, away from a financial crisis and helped propel substantial growth.

(With inputs from TOI)