New Delhi: Over the past three decades, the consecutive government has followed the economic reform line to make India to become the economy of $ 3 trillion and into the largest economic league in the world but the road in front was even more frightening than during the 1991 crisis, which was previously the Prime Minister of Manmohan Singh said on Friday.
“This is not the time to rejoice and rejoice but for introspection and reflect on.
Our priority as a nation needs to be re-calibrated for the most importantly ensuring a healthy and dignified life for every Indian,” Singh said in a statement on the night of the historic reform launched by 30 years.
Then, the results are said to be higher experts.
Growth and development.
He said the country had made an extraordinary economic progress in the past three decades due to economic reform delivered by the Congress Party in 1991.
Former PM, who as finance minister in 1991 led reform under PV Prime Minister Narasimha Rao, said almost 300 million Indians have been appointed from poverty in this period and hundreds of millions of new jobs have been provided for young people.
He said the reform process released the spirit of free company that had helped produce several world-class companies and helped India emerged as a global force in many sectors.
“But I was also very sad to the destruction caused by a pandemic Covid-19 and the loss of millions of Indians.
The health and education sectors have been left behind and do not compensate for our economic progress.
Too many lives and livelihoods have been lost which should not,” said Singh, who is a member of the Rajya parliament.
He said the process of economic liberalization in 1991 was triggered by the economic crisis dealing with the country, but it was not limited to crisis management.
“India’s economic reform fights are built on the desire to prosper, belief in our abilities, and confidence to give up control of the economy by the government,” said Singh, added that he was fortunate to play a role in process reform along with several colleagues in the Congress Party.
Faced with the unprecedented balance of payments crises, the government led by the government under Rao released a raft of steps to change the economy, ending industrial sidewalks, encouraging banking reform and financial markets to place the country on high growth paths.
Although there are periods when reforms slow down, the government consecutive has taken steps to make in-depth policy changes in all sectors to make the economy remain competitive and improve living standards.
There is also a broad debate about the depth and direction of reform and expanding their scope in a very diverse country.
While the growth rate increased over the years, business has developed and the standard of living has been raised, but some sectors still fight and segments such as health and education still shouting for massive reform and investment.
Pandemic Covid-19 has destroyed several sectors and wounding growth.
The economy was contracted 7.3% -fasih in 41 years in 2020-21 and even before it had slowed to the lowest level of 4 years 4% in 2019-20.
The Modi government has launched a series of reform steps to overcome the impact of pandemics and economists who expect recovery to gather momentum in the second half of the current fiscal year.
The NDA government which swept power in 2014 has taken several Big Bang reforms such as the introduction of goods & services tax (GST) and bankruptcy code and bankruptcy.
“As Minister of Finance in 1991, I ended my budget speech by quoting Victor Hugo,” There is no power on earth that can stop the picture that the time has arrived “30 years later, as a nation, we must remember Robert Frost poetry,” but me Have an appointment to be saved, and miles before I sleep, “Singh said in his statement.
Manmohan Singh in Eve 30 years of economic reform
