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In 1991, when Manmohan Singh became Finance Minister, India was on the verge of economic collapse, with foreign exchange reserves sufficient to cover only a few weeks of essential imports. This was ...

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When Singh took the reins of the Finance Ministry in 1991, India’s fiscal deficit was close to 8.5 per cent of the GDP, the balance of payments deficit was huge and the current account deficit was ...

As Finance Minister in 1991, he faced a severe fiscal crisis with a deficit nearing 8.5% of GDP. The balance of payments was dire, and foreign reserves could only cover two weeks of imports.