These reforms were a response to a severe economic crisis and were spearheaded by Finance Minister Dr. Manmohan Singh under Prime Minister P.V. Narasimha Rao. The Union Budget of July 24, 1991, is considered the cornerstone of these reforms.
‘Economic Reform’ measures in India was formally introduced in
Asked in WBPSC CS Prelims 2020 · Topic: Nature of Indian Economy (Evolution from Planned to Market-Oriented Economy)
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