Manmohan Singh's Iconic 1991 Budget Speech: The Bold Words That Changed India Forever 'No Power On Earth Can Stop...'

(MENAFN- Live Mint) Manmohan Singh, who passed away on Thursday at 92, was Prime Minister for two terms in the Congress-led UPA government from 2004 to 2014. Singh also served as Finance Minister in the government of Prime Minister PV Narasimha Rao from 1991 to 1996, when he was instrumental in implementing economic reforms.

It was on July 24, 1991 that the the Finance Minister Manmohan Singh read out - over a duration of 1 hour and 35 minutes - a speech that eventually opened India's doors to global economy. The 1991 Budget introduced sweeping economic reforms that liberalised the country and measures to boost domestic growth at a time when India's economy was faced with a severe balance of payments crisis.

'Just 15 days worth forex reserves'

Singh famously reminded the Parliamen that the country India was left with just 15 days worth of forex reserves in its kitty. "The current level of foreign exchange reserves, in the range of ₹2500 crores, would suffice to finance imports for a mere fortnight," he said.

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Singh asserted that there was no time to lose. "Neither the Government nor the economy can live beyond its means year after year," he said before announcing measures to 'liberalise the policy regime for direct foreign investment' into India.

Singh also announced a radical policy that would end the crippling license raj system in the country in his famed speech.

“It is essential to increase the degree of competition between firms in the domestic market so that there are adequate incentives for raising productivity, improving efficiency and reducing costs,” he said.

In his death, Singh leaves behind a legacy of economic achievements by contributing to ushering in economic reforms in the country. A renowned economist, Singh's role includes devaluing the rupee, reducing import tariffs, and privatising state-owned enterprises.

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