In 1997, P.V. Narasimha Rao’s Government selected Manmohan Singh as the finance minister.The man with his intelligence indeed, saved the Indian economy.
The External debt fastened at 23% of Gross Domestic Product (GDP) and Internal public debt was 55% of the same.
Singh had a doctorate from Oxford in Business, Economics, and Globalisation. So known as Dr. Manmohan Singh.He was given the task to make the first budget.
He started with a two-step devaluation programin support with RBI. Secondly, he convinced the RBI to mortgage gold kept in India to the Bank of England in order to get a necessary loan. It was one of his best moves to gain resources to get the economy back on track.
Laterly ,he suggested that doors for foreign trade should be open.This idea was worth implemented making suitable changes in the trade policy. It gave an acceleration to the stagnant economy of India. The process of licensing was demanded to be on track and linking import to exports to avoid non-essential imports was necessary. Dr.Singh managed it.
Securities and Exchange Board of India (SEBI) was handling all the regulations of the stock exchange in the country. Atlast, he asked for International financial help by applying for an emergency loan of $220 million. This helped the country clear out all the debts.
Though Dr. Manmohan Singh is a calm and quiet personality ,he has a great contribution to take India,out from debts with his unique ideas.