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Liberalisation

India · 1991Balance-of-payments crisis triggers India's 1991 economic liberalisation

Facing a balance-of-payments crisis with reserves near a few weeks of imports, India devalued the rupee, pledged gold abroad and launched economic reforms under PM P.V. Narasimha Rao and FM Manmohan Singh. The year also saw Rajiv Gandhi's assassination and the USSR's dissolution.

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Key figures

P.V. Narasimha Rao — Prime Minister from 21 June 1991; led the reform-era minority Congress government.Manmohan Singh — Union Finance Minister; presented the 24 July 1991 reform budget.Rajiv Gandhi — former Prime Minister, assassinated on 21 May 1991; awarded the Bharat Ratna posthumously.R. Venkataraman — President of India through 1991.S. Venkitaramanan — RBI Governor during the balance-of-payments crisis and gold pledge.Vijay P. Bhatkar — C-DAC scientist associated with the PARAM 8000 supercomputer.

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