P. V. Narasimha Rao

Who was P. V. Narasimha Rao?

Pamulaparti Venkata Narasimha Rao was an Indian lawyer, politician and freedom fighter who served as the ninth Prime Minister of India. He led an important administration, overseeing a major economic transformation and several home incidents affecting national security of India. Rao who held the Industries portfolio was personally responsible for the dismantling of the Licence Raj as this came under the purview of the Ministry of Commerce and Industry. He is often referred to as the "Father of Indian Economic Reforms". Future prime ministers Atal Bihari Vajpayee and Manmohan Singh continued the economic reform policies pioneered by Rao's government. Rao accelerated the dismantling of the License Raj, reversing the socialist policies of Rajiv Gandhi's government. He employed Dr. Manmohan Singh as his Finance Minister to embark on historic economic transition. With Rao's mandate, Dr. Manmohan Singh launched India's globalisation angle of the reforms that implemented the International Monetary Fund policies to rescue the almost bankrupt nation from economic collapse. Rao was also referred to as Chanakya for his ability to steer tough economic and political legislation through the parliament at a time when he headed a minority government.