How Manmohan Singh saved Indian economy |1991 India economic Crisis Malayalam

Other Important Videos 👇👇    • 4000 വർഷത്തെ മുഴുവൻ ചരിത്രം | Israel and P...      • What really happened in Mecca in 1979? | M...   Manmohan Singh saved India from the economic crisis of 1991 by implementing a series of bold economic reforms. These reforms were designed to liberalize the Indian economy and make it more competitive. Some of the key reforms implemented by Singh included: *Dismantling the License Raj:* The License Raj was a system of government regulation that required businesses to obtain licenses and permits for a wide range of activities. This system was seen as a major impediment to economic growth and innovation. Singh dismantled the License Raj, making it easier for businesses to start and operate. *Devaluing the rupee:* Singh devalued the Indian rupee by around 20%. This made Indian exports more competitive and helped to boost the country's foreign exchange reserves. *Opening up the economy to foreign investment:* Singh opened up the Indian economy to foreign investment. This helped to bring in much-needed capital and technology. *Reducing government subsidies:* Singh reduced government subsidies on a range of goods and services. This helped to reduce the government's budget deficit and improve the efficiency of the economy. These reforms were painful in the short term, but they paid off in the long term. The Indian economy began to grow rapidly after 1991, and millions of people were lifted out of poverty. Here are some of the specific steps that Singh took to save India from the economic crisis of 1991: *Airlifted gold to raise foreign exchange:* In June 1991, the Indian government airlifted 47 tons of gold to the Bank of England and 20 tons of gold to the Union Bank of Switzerland to raise $600 million in foreign exchange. This was a desperate measure, but it was necessary to prevent India from defaulting on its foreign debt obligations. *Pledged foreign exchange reserves as collateral for IMF loan:* India also secured a $2.2 billion loan from the International Monetary Fund (IMF) by pledging its foreign exchange reserves as collateral. This loan was essential for helping India to stabilize its economy and avoid a balance of payments crisis. *Implemented a series of economic reforms:* Singh implemented a series of economic reforms that were designed to liberalize the Indian economy and make it more competitive. These reforms included dismantling the License Raj, devaluing the rupee, opening up the economy to foreign investment, and reducing government subsidies. These reforms were not without opposition, but Singh was able to convince the Indian government and the people of the need for change. The reforms were successful in saving India from the economic crisis and in setting the country on a path of sustained economic growth. Singh's economic reforms are widely credited with transforming India into one of the fastest-growing economies in the world. The reforms helped to create millions of jobs, lift millions of people out of poverty, and make India a more attractive destination for foreign investment. Singh is often referred to as the "father of Indian economic reforms." #indiaeconomy #economiccrisis #1991indiaeconomiccrisis #manmohansingh #IndianEconomicCrisis1991 #BalanceOfPaymentsCrisisIndia #GoldReservesAirliftedIndia #IMFLoanIndia1991 #LiberalizationOfIndianEconomy #DismantlingOfTheLicenseRaj #DevaluationOfTheIndianRupee #OpeningUpOfIndianEconomyToForeignInvestment #ReductionOfGovernmentSubsidiesIndia #ManmohanSinghEconomicReforms indian economy,1991 economic crisis india,1991 economic crisis in india,1991 economic reforms india,economic reforms since 1991,manmohan singh 1991 economic crisis,sri lanka economic crisis explained in malayalam,indian economic crisis 1991,1991 indian economic crisis,new economic policy 1991,indian economic crisis of 1991,bop crisis india 1991,india economic crisis 1991,bop crisis india 1991 upsc,economic crisis in india 1991 manmohan singh,malayalam news live,malayalam news,malayalam breaking news,manmohan singh death,latest malayalam news,breaking news malayalam,former pm manmohan singh,dr manmohan singh,rip manmohan singh,manmohan singh news,manmohan singh death news,manmohan singh passed away,manmohan singh latest news,live news malayalam,manmohan singh is no more,former pm manmohan singh died,manmohan singh breaking news,former prime minister manmohan singh 1991 economic reforms india,economic reforms since 1991,1991 economic reforms,manmohan singh,1991 reforms,malayalam news,dr manmohan singh,malayalam,manmohan singh economic reforms 1991,lpg reforms malayalam,economic reforms,manmohan singh 1991 budget speech,manmohan singh 1991 economic crisis,former pm manmohan singh,manmohan singh 1991 speech on economic crisis,lpg reforms same as economic reform sof 1991,bop crisis india 1991 malayalam