What were the key economic reforms architect by Manmohan Singh
RBI Governor praises Manmohan Singh for his contributions as the architect of India’s economic reforms.
- Liberalization of the economy: Manmohan Singh as Finance Minister in the early 1990s introduced policies to open up India's economy to foreign investment and reduce government controls.
- Privatization of public sector industries: He initiated the privatization of state-owned companies to improve efficiency and productivity.
- Encouragement of foreign investments: Singh promoted foreign direct investment to stimulate economic growth and development.
- Tax reforms: He introduced tax reforms to simplify the tax system and enhance compliance, thereby boosting government revenues.
- Financial sector reforms: Singh implemented measures to strengthen the banking and financial sector, including reforms in banking regulations and capital market development.
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