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1991 Economic Crisis in India: How Narasimha Rao–Manmohan Singh Transformed the Indian Economy
On June 21, 1991, as P. V. Narasimha Rao prepared to take oath as India’s Prime Minister, an unsettling reality surfaced even before he assumed office. Cabinet Secretary Naresh Chandra handed him a top-secret eight-page document—a report that would redefine the fate of a nation. Rao’s reaction was immediate and visceral: “Is India’s economy really in such bad shape?” The reply came cold and unambiguous: “No, sir. It’s worse.” This was not rhetoric. It was a warning of an impe
7 days ago6 min read
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