Congress president Mallikarjun Kharge on Wednesday said that his party takes immense pride in the “groundbreaking achievement of the Liberalisation Budget of 1991” and asserted that there is a pressing need once again for meaningful and robust second-generation reforms.
In a post on X, Kharge, who is also the Leader of Opposition in the Rajya Sabha said that July 1991 marked a watershed moment in India’s history as the Liberalisation Budget, spearheaded by then Prime Minister P V Narasimha Rao and Finance Minister Manmohan Singh, ushered in a new era of economic reforms.
This visionary move revolutionised the country, empowering the middle class and uplifting millions from poverty and marginalisation, he said.
“The Congress party takes immense pride in this groundbreaking achievement, which catalysed India’s growth trajectory and continues to inspire progress and prosperity,” Kharge said.
“Today, once again, there is a pressing need for meaningful, robust second generation reforms, which help both the middle class and the deprived,” he said.
Even Congress general secretary and communications in-charge Jairam Ramesh recalled the historic moment and in a tweet said, “Today, 33 years ago, Finance Minister Dr. Manmohan Singh presented his first Budget that took India into a whole new world. “Today, 33 years ago, was also the day when the New Industrial Policy was unveiled, which catalysed the economic transformation of India anchored in the philosophy of Continuity with Change. I have written of the events of July 24 1991 and the background to them in To the Brink and Back: India’s 1991 Story,” he said.
Pawan Khera, who is the Chairman of the Congress’ publicity and media department said, “No power on earth can stop an idea whose time has come’. These historic words of Victor Hugo were spoken by Dr Manmohan Singh on July 24, 1991 while presenting his first budget – a budget that revolutionised India’s economy. Today marks the 33rd anniversary of that landmark budget.”
He also issued a video statement he said that when the India was going through a balance of payment crisis where our foreign reserves would have catered our needs of two weeks. The process of economic reforms needs to be mentioned in the 80s by the landmark budget of Manmohan Singh that crystallized through reforms and various policies.
He also highlighted the several landmark decisions taken in the budget for industries and common people and how license raj was abolished.