manmohan singh: 30 years to the historic budget; Manmohan Singh says ‘next path is more challenging’

New Delhi: The historic 1991 budget of economic liberalization marks 30 years of liberalization. On the occasion, former Prime Minister Manmohan Singh on Friday commented on the country’s economic situation. With the Corona epidemic (covid 19 pandemic), the next route will be more challenging than in 1991. “As a country, India needs to redefine its priorities (Indian economy),” said Manmohan Singh. Manmohan Singh was born in 1991. V. Narasimha Rao was the Finance Minister in the government. He presented his first budget on July 24, 1991. This budget is considered as the foundation of economic liberalization of the country.

On the occasion of the 30th anniversary of the 1991 budget, Manmohan Singh commented on the country’s economic situation in the wake of the Corona epidemic. In 1991, 30 years ago, the Congress party embarked on significant reforms in the Indian economy. Paved a new path for the country’s economic policy. In the last three decades, various governments have followed the same path and the country’s economy has grown to तीन 3,000 billion. “India’s economy is now one of the largest in the world,” he said.

More importantly, 300 million Indians have been lifted out of poverty. Billions of new jobs were created. As the reform process progressed, independent initiatives were launched. “Many global companies have come into existence in India and India has emerged as a global power in many areas,” he said.

The economic liberalization of 1991 began with the country’s economic crisis. But the economic policy of the time did not end the crisis, but the desire for prosperity and confidence in our capabilities and the government’s deregulation of the economy laid the foundation for trust and building economic reforms, he said.

Social sectors like health and education lagged behind and could not keep up with the economic development of the country. The Corona crisis has claimed many lives and left millions unemployed, Manmohan Singh said.

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This is not the time to be happy and engrossed. So is introspection and thinking. The next path is more challenging than in 1991. As a country, we need to redefine our priorities. This will bring health and a dignified life to every Indian in the world, stressed Manmohan Singh. “No power on earth can stop the thought that the time has come,” said Manmohan Singh, referring to French poet Victor Hugo.

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