The Trial by Fire: Manmohan Singh's 1991 Economic Reforms

Manmohan Singh, the architect of India's 1991 economic reforms, faced intense challenges to win acceptance for his revolutionary budget. Despite opposition from party members and intense media scrutiny, Singh's budget rescued the country from financial crisis and set India on the path to becoming a global economic power.

In the summer of 1991, Manmohan Singh, India's newly-appointed finance minister, faced a daunting task as he introduced one of the most ambitious budgets in Indian history. Presented amidst a crippling financial crisis, this budget laid the groundwork for India's economic resurgence.

Despite fierce opposition, Singh presented a brave front. At a critical press conference following the budget's presentation, he skillfully communicated the necessity of his proposals. Dealing deftly with resistance from within his own Congress Party, Singh stood firm, even as he adjusted proposals regarding fertiliser prices in response to political pressure.

July and August of that year saw Singh navigating turbulent waters, yet his strategic acumen preserved the core objectives of his economic plan. This episode became a textbook case in political economy, showcasing how government and political entities can negotiate and emerge stronger together.

(With inputs from agencies.)