FM Says 1991 Reforms Were ‘Half Baked’, Ex-FM Says Dr Singh Never Served ‘Over-cooked’ & ‘Unpalatable Food’

New Delhi: A fresh controversy has been sparked over a statement made by Finance Minister Nirmala Sitharaman on Thursday where she said the reforms undertaken by the PV Narasimha Rao government in 1991 with Dr Manmohan Singh as the Finance Minister, were ‘aadhe-adhure’ or half baked. In the same event organised by the Hindi Vivek Magazine, the Finance Minister also said India could’ve been the world’s fifth biggest economy earlier itself, had it not been for the philosophy of socialism which relied on centralised planning.Also Read – Centre Revises Definition of ‘Small Companies’. What It Means? Deets Here

After the Finance Minister’s statement, Congress veteran P Chidambaram who sat at the helm of financial ministry in the country once, has come out with a sharp retort. Also Read – $49 Billion And 3rd Largest In The World — Indian Pharma Industry Likely To Grow To $130 Billion By 2030

“The FM is reported to have said that the 1991 reforms were “half-baked”. Thank God, Dr Manmohan Singh did not serve over-cooked and unpalatable food like Demonetisation, multiple-rates GST and savage taxes on petrol & diesel”, said the former finance minister. “We thank the FM for revealing that she took bakery and cooking courses in University”, he added. Also Read – ICRA Predicts 8% GDP Growth For India In Q2 FY23, Double The Growth Seen In Q1 FY23

We thank the FM for revealing that she took bakery and cooking courses in University

— P. Chidambaram (@PChidambaram_IN) September 16, 2022

No one can deny that India’s economic policy underwent fundamental changes following the unprecedented financial crisis of 1991. Even senior leaders of opposition parties have, in many occasions, credited PV Narasimha Rao government for executing those changes. And Dr Manmohan Singh is widely considered as the financial wizard who shaped the new economic policy for India in 1991.

The changes in 1991 led India make its mark in the period of globalisation and the economy became more market-oriented. The growth rate of economy increased, foreign exchange reserves shot up, and there was a flow of international goods, capital, services, technology, etc., into India with minimal restrictions.