Narsimha Rao government

The Narsimha Rao government, led by Prime Minister P. V. Narasimha Rao from 1991 to 1996, is known for initiating significant economic reforms in India. Facing a balance of payments crisis, his government liberalized the economy by reducing restrictions on trade and industry, encouraging competition and foreign investment. These reforms transformed India into a more globalized and market-driven economy. Rao's tenure also saw efforts in modernizing infrastructure, promoting technology, and addressing political challenges. His leadership marked a shift from traditional policies, laying the foundation for India's rapid economic growth in subsequent decades.