It is unfortunate that the people of India do not talk much of the Prime Minister of India during the period June 1991- May 1996, Mr.P.V.Narasimha Rao, who was responsible for bringing in economic reforms. Implementation of these economic reforms lead India to be the 3rd largest economy in the world after USA and China. To attain this position, India has overtaken Japan, Germany,France, UK, Italy, Russia and Brazil.In 1991, when Mr.Rao became Prime Minister the foreign exchange reserves were only about US$ 1/-billion and now it is around US$ 300 billion. When Mr. Rao assumed Office, the gold reserves of the country had been pledged to raise loan. Now the country is importing hundreds of tonnes of gold for its reserve. India has also emerged as an investor in foreign countries.Even developed countries are inviting Indian industrialists to invest in their countries. In 1991 Foreign authorities were tightening their visa restrictions for Indian nationals but now they are liberalizing their visa regulations for Indians to attract Indian tourists. In 1991 there was huge unemployment but now there is acute shortage of labour in every sector of the economy.
(Of course there is a long way to go to reach the per capita income level of developed countries. Agricultural production is still very low.Infrastructure is grossly inadequate in spite of the initiatives taken by Mr.Rao.)
Considering the impact of his policies and initiatives on Indian economy,India should honour Mr.Narasimha Rao in an appropriate manner- naming his birthday as national economic liberalization day, issuing commemorative stamps etc.